The NAMA and Irish Bank Resolution Corporation Transparency Bill introduced by Senators Daly and Darragh O’Brien to be voted on in the Seanad tomorrow

Senator Mark Daly speaking in the Seanad

 

The Bill requires more transparency in the way NAMA and Irish Bank Resolution Corporation sell loans and properties

Senator Mark Daly’s and Darragh O’Brien 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 meeting. The NAMA and Irish Bank Resolution Corporation Transparency Bill 2013 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 Darragh O’Brien has reignited  the debate on Transparency in NAMA this week by putting information on the record of the Seanad and providing information to the Garda in relation to alleged illegal activities by certain officials in NAMA.

Senator Daly’s comments

on January 29th 2011 in the Seanad attracted much media coverage. Where 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 at the British Irish Parliamentary Assembly held in Cork in 2011 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.”

Follow concerns on the way properties were being sold NAMA launched a new a website that has proven to be lacking in detail. Senator Daly had first proposed a website in January 2011 and in subsequent meetings with NAMA.

Details of the NAMA and Irish Bank Resolution Corporation Transparency Bill 2013

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

websites;

(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.

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