NAMA Transparency Bill to be voted on Wednesday, introduced by Senator Mark Daly. The Bill will force NAMA and the IBRC to ensure all loans and properties are sold in an open and transparent way

NAMA Transparency Bill will be introduced by Senator Mark Daly on wednesday the 6th of June. The bill will force NAMA and the IBRC to ensure all loans and properties are sold in an open and transparent manner Senator Mark Daly, during private members time in the Senate this wednesday, will call a vote on the NAMA and IBRC Transparency Bill which if accepted will ensure more transparency in the way NAMA and the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) sell loans and properties  The NAMA and Irish Bank Resolution Corporation Transparency Bill 2011 provides that all relevant details of loans, properties, and/or other assets being offered for sale by or with the approval of NAMA or the IBRC 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. 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 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.”. The Taoiseach has since pulled back from his statements. In July 2011 NAMA launched a new a website that has proven to be lacking in detail. Senator Daly had first proposed a website as early as January 2011 and in subsequent meetings with NAMA.   Senator Daly said “there has been too many stories of properties being sold to what appear to be insiders. There is no transparency in the way sales are being conducted. There is concern that the best price is not being achieved. This bill will ensure that anyone can see what is for sale by NAMA and the IBRC. The legislation if passed will help ensure that the citizens have more confidence in the way the two state bodies run their operations”   The story of the sale of land in cork which was originally bought by a consortium for 100 million and sold by NAMA for 7 million without ever being publicly advertised has caused wide spread concern   As has the story of a former Anglo Irish directors involvement in buying of the Four Seasons Hotel. A consortium of investors who purchased the hotel originally owed 50m to Anglo Irish.   “These 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.     Note to editor    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  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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