Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context

That is fine. I thank Mr. McDonagh for that. The public will look in and say in some cases when they are paying hundreds of thousands of euro for State employees, some of it is not private anymore. We have a job to do there but I understand Mr. McDonagh has come here and answered the question.

I will put a question to Mr. McDonagh regarding NAMA's accounts in 2021. He said that one of these sales was at market value. I want to give Mr. McDonagh the opportunity to explain to the finance committee how he thinks NAMA achieved market value when it sold land and property with an original loan value of €10 million for €265,000 in 2021. There was a 97.5% discount. It sold it to a special purpose vehicle and the brother of the debtor financed the purchase of it. Is it not illegal under the NAMA Act to sell something to a connection of the debtor? They set up an SPV and the brother financed the SPV. That is shoddy. That is seriously questionable. However, going back to the value for money, what did it include? It included land and property comprising 14 occupied residential units, 28 unfinished residential units and seven plots of land totally 20.9 ha and it was sold by NAMA for €265,000. That is the equivalent of somebody trying to stay in your gaff for a couple of months. How is it value for money to sell 14 occupied residential units, 28 unfinished residential units and seven plots of land of over 20 ha for €265,000?