Michael Noonan (Limerick City, Fine Gael)
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I refer the Deputy back to what I quoted from the Act. The board of NAMA has full legal authority to dispose of assets as it sees fit. It follows from that legal authorisation that it would treat different portfolios and sales differently and would have processes that vary to suit the circumstances of the disposal. NAMA had extensive property in London, Dublin, Northern Ireland, regional areas of the United Kingdom, Germany and other places. I do not think anyone would say it should have adopted the same process in all jurisdictions or for all portfolios. One might have a different view on this - perhaps that of a layman; I would be a layman in this regard - if one was disposing of hotels or building land rather than residential property. The processes would be different.