Michael McGrath (Cork South Central, Fianna Fail)

This issue goes to the heart of the need for transparency in the operation of NAMA. This came to my attention because of the sale of a 450 acre land bank outside Cork city. It was sold by agents appointed by a NAMA debtor and the sale was completed without the property being put on the open market. On further investigation, it appears this is not an unusual occurrence. NAMA is hiding behind a facade, appearing not to be the seller even though it is pulling all the strings. NAMA appoints receivers, who appoint selling agents or, in some cases, NAMA debtors directly appoint selling agents at the behest of NAMA. In effect, the assets are being sold on behalf of the taxpayer and the proceeds will be used to redeem debt owed to NAMA. There is something very wrong when NAMA cannot tell us how many of the 663 sales it has completed have been put on the open market. Will the Minister insist that in all cases where assets are being sold by NAMA or on behalf of NAMA and where the taxpayer has a direct beneficial interest, the properties are put up for sale on the open market so all interested parties can submit bids and be considered on a fair basis?

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