Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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I raise the sale by NAMA of land known as the Ash Castle site on the border between Dún Laoghaire-Rathdown County Council and Dublin City County Council. The site is adjacent to Booterstown Marsh which is a nature reserve. I refer the Minister of State to page 8 of the properties subject to the enforcement action of NAMA on the NAMA website. However, if the Minister checks the NAMA website he will notice that the actual address given is Booterstown Marsh which is not the name of the site. As a public representative I have a major problem with this notice for sale. The NAMA website states that this site is not for sale at present but I am informed that the site has been sold subject to planning permission.

Along with many of my constituents in Booterstown-Blackrock I am very concerned that this was not an open and transparent advertisement for the sale of Ash Castle. I am not casting aspersions on the purchaser which I believe is a sporting organisation. What I am concerned about is the process used. Was this an open and transparent sale? Did NAMA, in giving a misleading address, hinder others' bids for this piece of land? Is it the case that other houses, lands and apartments for sale displayed on the NAMA website are shown with misleading addresses? Finally, and most important, is the taxpayer getting the best price for properties bought on their behalf by NAMA and now being sold by NAMA?

I understand the sensitivity of sales under NAMA but I am concerned that in giving misleading addresses or limited information on properties for sale NAMA is constraining ordinary people from knowing what is for sale and bidding on these properties. NAMA is the largest property holding company in the world and I am deeply concerned that purchasers, vendors in the know or an inner circle have the inside track and are able to bid and purchase properties the general public do not know are for sale. I am aware of at least one other example which has been reported where this is happening.

To allay the public's disquiet that deals are being made by NAMA on behalf of a small circle in the know I ask that the Minister insist that NAMA puts onto its website, first, the exact and correct address of property for sale; second, the guide price for property for sale; and, third, the sale price achieved for properties sold by NAMA. I also want to be assured that sites and properties for sale by NAMA are advertised publicly in newspapers and by estate agents in an open and transparent manner.

Brian Hayes (Dublin South West, Fine Gael)
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I thank Deputy Mitchell O'Connor for raising this important matter. NAMA has a commercial remit and a statutory objective to generate a return for the taxpayer, as I am sure the Deputy is aware. However, in the context of its commercial remit and consistent with section 2 of the National Asset Management Act 2009, NAMA is at all times open to considering proposals aimed at contributing to broader social and economic objectives.

I am informed by NAMA that the property concerned is among the properties listed on the NAMA website and that the property has been offered for sale by a receiver appointed by NAMA. While the property is not owned by NAMA, I understand the receiver has an obligation to secure the maximum proceeds for the debtor to ensure that to the greatest possible extent debt outstanding against the assets can be repaid.

I am informed by NAMA that it expects the current value of the property to be determined by the receiver in line with his obligations. I also understand that the receiver has received offers from potential purchasers. Any additional expressions of interest, including from public authorities interested in making an offer on the site, can be directed towards the receiver, Mr. Declan Taite of RSM Farrell Grant Sparks. The e-mail address is namapropcrties@rsmfgs.ie. All offers made will be submitted by the receiver to the National Asset Management Agency for the final decision as to which of them should be accepted.

The NAMA board has confirmed its policy of giving first option to State bodies on the purchase of property which may be suitable for their purposes where these bodies have requirements such as schools, hospitals, parks and so forth. Thus, where a State body can match any alternative financial offers, NAMA would be disposed to the body in question acquiring the asset. In the context of this policy and in view of the land's proximity to the Booterstown Marsh and Nature Reserve, I expect that NAMA will consider any offers which may be submitted by the relevant public bodies before making its final decision.

In the context of contributing to wider social and economic objectives, NAMA concluded the sale of 58 social and affordable units to the Cluid housing association in July of this year. The agency has also provided a list of more than 1,000 properties to Department of Environment, Community and Local Government and I am informed it is in discussion with the Minister of State with responsibility for housing, his officials and the Irish Council for Social Housing with a view to identifying properties which may be suitable for social housing. I understand NAMA has also had contact with officials of other Departments and agencies, such as the Department of Education and Skills, Health Service Executive, local authorities and other public bodies. In addition, I am aware that the agency has approved the release of lands in Baldoyle to Fingal County Council for extra parklands, accommodated the sale of a 13 acre site in Hansfield West, Dublin, to the Department of Education and Skills and agreed to co-fund with Fingal County Council a link through lands that NAMA has as a security for loans in west Dublin which will link the N2-N3.

The NAMA chairman recently informed the Joint Committee on Finance and the Public Service that engagement with community groups on issues of concern to them continues to take place. He also informed the joint committee that while NAMA may not give away land or property, should a community group have an interest in a particular piece of land or property or wish to extend a sports pitch, it should speak with the agency. Any local community organisation which has a proposal that it wishes to put to NAMA should contact its portfolio management unit. The agency is engaging with the public sector and wider community in terms of social and economic objectives. I stress, however, that parties interested in purchasing the property near Booterstown Marsh should contact the receiver.

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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I thank the Minister of State for his comprehensive answer. Page 8 of the NAMA document listing properties subject to enforcement action states that Booterstown Marsh is not for sale at present. Many people in the Booterstown and Blackrock areas have been informed that the site in question has been sold subject to planning permission being secured. I am deeply concerned that the site was not placed on the market in the conventional sense, as has been the case with many other properties. As I stated previously, I am aware of a case in the South where a property is being bought by the vendor. I am concerned that taxpayers will lose out as a result of such transactions. Rather than securing the maximum price, an inner circle appears to be purchasing properties held by the National Asset Management Agency.

Brian Hayes (Dublin South West, Fine Gael)
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Having listened carefully to the Deputy's comments, it is important for the purposes of clarity that a transcript of her contribution be submitted to the National Asset Management Agency at the conclusion of business. The head of the property portfolio division of NAMA could then reply to her directly. It is a matter of law that the agency's only interest in the assets in question is to extract the highest possible price on behalf of the taxpayer. Where one has a triangular relationship between NAMA, a receiver acting on behalf of the creditors and the owner of the land or property, the objective of the receiver is to obtain the highest price through all possible means. The only legislative obligation on NAMA is to maximise the return for taxpayers.

Deputy Mitchell O'Connor has placed important information on the record. I will ensure a copy of her contribution is transmitted to the National Asset Management Agency. If there are issues the agency would like to address with her, it should do so directly.