NAMA refuses to disclose how much of €4.6bn of property sales were private deals – Daly

NAMA refuses to disclose how much of €4.6bn of property sales were private deals – Daly

Minister Noonan continues to stand over the practice of private sales of public assets

 The National Asset Management Agency (NAMA) is refusing to state how much of the €4.6 billion received from the sale of properties under its control was made up of private, off market deals, according to Senator Mark Daly


 “In a Dáil reply , Minister for Finance Michael Noonan confirmed that NAMA debtors and receivers have recorded over 2,500 cash receipts in respect of asset sales of €4.6 billion as of the end of August 2012. However, neither the Minister nor NAMA are prepared to say what portion of these sales were private deals. NAMA continues to hide behind the pretence that it is not actually the seller when in fact the agency is pulling all the strings behind the scenes. The fact is that the sale cannot take place without NAMA’s consent.


“I believe that it is unacceptable that NAMA properties are being sold in private deals without properties ever being put up for sale on the open market. To date, 2,500 NAMA properties have been sold and the agency is refusing to divulge how many of these were sold on the open market and how many were sold to what it describes as ‘special purchasers’ in private deals. We know for sure that NAMA is engaging in private deals without the properties in question ever being put up for sale the open market.


“NAMA says its policy is that its guidelines require ‘where feasible, the sale of assets on the open market and their public advertisement’ but why then does the agency not tell us what value of the €4.6 billion of sales have been achieved following a public advertisement process? This is basic information which citizens are entitled to.


“The proceeds of the sale of NAMA properties go towards repaying the €32 billion the agency has borrowed to buy the property loans. The properties under NAMA’s control are now essentially public assets and their sale must be done in a transparent and open manner.


“It is disturbing that the Minister for Finance continues to stand over this practice by NAMA. I am calling on the Minister to introduce greater transparency to the operation of NAMA and to start by ensuring that all NAMA properties which are for sale are advertised on the open market.”


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