Oireachtas Joint and Select Committees

Wednesday, 22 October 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Operations and Functions: National Asset Management Agency

5:40 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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My final question is on an issue that was discussed earlier. I was watching some of the proceedings on the monitor. Up to 90% of the assets have been bought by US funds. On the one hand, NAMA says that what the purchaser does with the assets subsequent to buying them is a commercial matter for themselves, but on the other hand it says that if it knew they were going to make decisions that would be damaging to the Irish economy, the NAMA board would not sign off on that disposal. It appears to be a contradiction. Does NAMA ask a prospective purchaser what they intend to do with an asset they are buying?