Michael McGrath (Cork South Central, Fianna Fail)

With the greatest of respect to selling agents, they cannot know what property is worth until it is put up for sale on the open market. In this case, it concerns a land bank of 450 acres of prime agricultural land with some potential for future development. Many people would have been interested in the land bank or parcels of it. The broad principle concerns more than just this case. Where NAMA is selling assets through debtors or receivers, the assets should be put up for sale on the open market. We should insist upon the principle and the Minister should exercise political judgment on the issue and not allow NAMA to enter into private deals. Even if the deal achieves the best price, we cannot be certain. The only way to ensure we get the best price is to put land on the open market. As legislators, we should insist that is done in every case.

See this speech in context