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Written Answers - National Treasury Management Agency

Tuesday, 27 March 2012

Dáil Éireann Debate
Vol. 760 No. 3

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 128.  Deputy Dara Murphy Information on Dara Murphy Zoom on Dara Murphy  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  his views on a matter (details supplied) regarding the National Asset Management Agency; and if he will make a statement on the matter. [16351/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan NAMA has a commercial mandate to obtain the best achievable financial return on behalf of the State. It has emphasised repeatedly that one of its objectives is to instigate the sale of properties by its debtors and in order to facilitate this, it approves the sale of properties by debtors at realistic current market prices. In terms of determining an appropriate current level of pricing for particular properties, I am advised that NAMA has access to expert valuers with local knowledge of properties.

In some cases, potential purchasers may disagree with NAMA-approved pricing. I am informed by NAMA that it is open to discussion with any potential purchaser on the sale of particular properties but only through engagement by those purchasers with sales agents acting for NAMA debtors or NAMA-appointed receivers.

It is not appropriate that details of individual sales transactions should be divulged or discussed in public. However, the Deputy will be aware that NAMA has set up a dedicated e-mail address,, to which members of the Oireachtas may direct questions on matters of public interest provided the terms of Section 221 of the National Asset Management Act 2009 are respected. Accordingly, NAMA informs me that if the Deputy directs his query through this channel, the agency will provide him with relevant information.

[747]Section 221 applies where a person communicates with NAMA on behalf of another person with the intention of influencing the making of a decision in relation to the performance of the functions of NAMA, subject to certain exceptions. One of the functions of NAMA which is explicitly covered by the provision is the purchase or sale of property. If a representation were made on behalf of another person with the intention of influencing NAMA in relation to a decision on the purchase or sale of property this would be an offence under section 221, unless it fell within the exception in subsection (3).

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