Michael Noonan (Limerick City, Fine Gael)

I will clarify the matter according to what NAMA told me about the sale in Cork. In that instance, NAMA advised me the sales agent was acting on behalf of the debtor and that a competitive sales process was undertaken. The debtor was not in liquidation. I understand from NAMA that the sale was managed and implemented on behalf of the debtor by a firm of professional sales agents. Following wide engagement with viable interested parties, a special purchaser emerged in respect of the entire holding of 450 acres at a price considerably in excess of that guided by the retained professionals. It was the considered advice of the sales agent that the offer from this purchaser would be accepted. I understand that NAMA, on receipt of this information, commissioned a second independent report by another professional firm, which agreed with the original guide price. On the basis of the independent valuation advice, which established the price offered was 40% in excess of the two independent valuations and taking account of the fact that the offer was for the entire holding rather than for individual land plots within it, NAMA granted its approval to the debtor to proceed with the sale on the advised terms on the basis that this maximised the recovery for the taxpayer.

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