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Senator Mark Daly: Will the Leader allow time for the reintroduction of the NAMA and Irish Bank Resolution Corporation Transparency Bill 2011? As of August, 2,500 properties had been sold by NAMA for €4.6 billion, yet the Minister for Finance is unable to tell us how many of those were sold in an open and transparent manner.
NAMA refuses to tell him how many were put on the market, publicly advertised or sold in private back room deals. As the Taoiseach indicated at a British-Irish Parliamentary Assembly meeting, some developers are buying back their own properties.
NAMA paid €32 billion for those properties, yet we do not know and the public is not told how many of them have been sold in an open and transparent manner, as is required under the NAMA legislation.
Previously, I asked that the Attorney General attend the House under Standing Order 56, yet she has not appeared before us to explain why NAMA is not selling property in an open and transparent manner. Under the legislation, NAMA must sell those properties as if they were State assets, which must be sold by auction or tender. As Senator Paul Coghlan is aware, most of the time we only find out after the event that properties have been sold. In some cases, the people who took out the large loans in the first place are the buyers. The programme for Government reads: “We will insist on the highest standards of transparency in the operation of NAMA, on reduction in the costs associated with the operation of NAMA, and that decision-making in NAMA does not delay the restoration of the Irish property market”.
The highest standards of transparency are not being achieved by any measure.