In light of the activities of a former NAMA employee in buying a home with inside knowledge, Senator Mark Daly will be reintroducing his NAMA and Irish Bank Resolution Corporation Transparency Bill 2011 which was narrowly defeated in a 24 to 17 vote in the Seanad on the 6th of June. Senator Daly stated “this case highlights the need for transparency to restore public confidence in NAMA following this damaging incident”.
Senator Mark Daly’s proposal to have more transparency in the way NAMA and the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) sell loans and properties was approved at the Fianna Fail Parliamentary party meeting. The NAMA and Irish Bank Resolution Corporation Transparency Bill 2011 provides that, in the interests of transparency, all relevant details of loans, properties, and/or other assets be offered for sale by or with the approval of NAMA or the Irish Bank Resolution Corporation (formally Anglo Irish Bank) be made available to the public by means of publication on a website.
Senator Daly’s comments on January 29th 2011 in the Seanad attracted much media coverage. He stated that some developers were buying back the property they had originally borrowed money on for under the current market price.
Taoiseach Enda Kenny stated in June 2011 at the British Irish Parliamentary Assembly held in Cork that he too had concerns and “had some indications of attempts to acquire property that was taken from developers through a variety of methods,” he went on to say. “I hope that NAMA are on top of that, and that where NAMA have acquired assets that they don’t find their way back to where they were acquired from in the first place.”
In July this year NAMA launched a new website that has proven to be lacking in detail. Senator Daly had first proposed a website in January and in subsequent meetings with NAMA.
The Sunday Independent broke a story that a former Anglo Irish Director had been involved in buying the Four Seasons Hotel. A consortium of investors who purchased the hotel originally owed 50m to Anglo Irish. The sale does not appear to have been carried out in a manner that is in the best interest of the tax payer. “The Four Season sale has all the hall marks of insider knowledge and is lacking in the transparency that the Irish tax payer is entitled to” said Senator Daly.
Details of the NAMA and Irish Bank Resolution Corporation Transparency Bill 2011
This information shall be posted on their respective websites for a minimum of 4 weeks before accepting any offer. Details that shall be on the websites include:
(i) the date the loan, property or other asset being disposed of was first posted on the
(ii) the address of the property;
(iii) description of the loan, property, or other asset;
(iv) name of the person and/or company in who’s name the loan, property, or other assets, are being disposed of;
(v) the name of the selling agent;
(vi) the amount of each offer made on the loan, property, or other asset;
(vii) such further details as are deemed relevant by NAMA to ensure transparency in the selling process and to protect the interests of the taxpayer.
After a sale has been agreed both NAMA and the Irish Bank Resolution Corporation shall post on the said websites:
(i) the price at which the loan, property, or other asset was sold.