Enda Kenny (Mayo, Fine Gael) | Oireachtas source

The Government takes the matter very seriously. Two cases arise; one formal investigation by the Garda is nearing completion and I expect it will come to a conclusion. The second arises from a recent contact. NAMA has not been formally contacted by the Garda arising from those allegations.

Deputy Donnelly made a point about people perhaps not following through on an initial interest in a property or loan because of the concern that somebody might have other information. He is aware that NAMA requires that all loans, properties and other assets be secured on a competitive, fully open basis by suitably qualified sales agents, and in all events NAMA insists on independent valuations of assets to deal with that particular issue. It also requires that sales agents prepare a final report and recommendation. In the reports it is a requirement that there be a summary of the marketing campaign undertaken; a list of all parties who expressed an interest in the loan or real estate or were contacted during the marketing campaign; a recommendation to accept the terms of the purchaser's offer as the best price reasonably obtainable, and confirmation that the agent has reviewed the purchaser's confirmation relating to connected party sales; a statement disclosing any commercial relationship between the agent, the debtor, the purchaser or the purchaser's ultimate beneficial owners in the past five years; and how any actual or perceived conflict of interest was managed during the sales process. Deputy Donnelly will understand why that applies. It applies to all interested parties, so that they are given equal opportunity to bid for and to purchase loans or properties sold by NAMA or by NAMA debtors and receivers. I, no more than any other citizen in the country, am bound by legislation in terms of making contact with NAMA. I accept Deputy Donnelly's point. As to whether I am happy or confident that all the systems are in order, I am not in touch with NAMA because of the provisions that exist, but the Minister for Finance is in touch with NAMA in respect of official matters and, following the conclusion of the two Garda investigations - if the Garda follows through on the second one - it is clearly an issue of which the Minister would be cognisant, taking into account the constraints upon him as a citizen or public representative in terms of the law.

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