Gerry Adams (Louth, Sinn Fein) | Oireachtas source

Yesterday, the National Asset Management Agency, NAMA, lost a five-year battle at public expense to prevent details of its loans and properties being provided to the public. Why would NAMA want to prevent citizens knowing about its activities? Is it not unfair and unjust that the taxpayer might have to pay for NAMA’s effort to prevent the very same taxpayer knowing what the agency is doing, supposedly, in the name of the taxpayer?

NAMA has been shrouded in secrecy since its conception. It only became subject to the Freedom of Information Act last year, a development for which Sinn Féin campaigned and produced legislation. Billions of euro of public assets continue to be sold off by NAMA to vulture capitalists without any proper democratic oversight. Given the scandal at Irish Bank Resolution Corporation and the Government’s failure to protect the public interest, given the sell-off of Clerys and the Government’s refusal to legislate to protect workers and concession holders in that shop, surely there is an urgent need to look at how NAMA does its business? There are networks within networks of insiders and powerful vested interests behind many of these deals. Some of them are in NAMA but buying assets for themselves or for third parties. How is this allowed to happen? There is also concern NAMA is engaged in a fire sale of assets to meet an arbitrary deadline set by the troika and now being driven by the Minister of Finance, Deputy Michael Noonan.

Considering the public concern that now exists, will the Taoiseach agree to a suspension of non-contracted disposals activity at NAMA for a time-limited examination of the books with a view to ensuring the best interests of citizens are being served?

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