John Gilroy (Labour)

Is the Minister concerned that some of the property disposed of by NAMA has not come onto the open market? If this is the case will the Minister offer an explanation for it? NAMA disposes of or approves of the disposal of a large amount of property each month estimated to be in the region of approximately €750 million. While we have every confidence in NAMA's abilities and oversight powers there is some concern about the level of external oversight not being what it might be despite the number of agencies charged with examining the affairs of NAMA.

It has been pointed out that NAMA's accounts are opaque and distorted by accounting adjustments which make them very difficult to interpret. It also makes reading them very ponderous. It is very difficult to ascertain whether the price obtained by NAMA is accurate due to the low level of similar sales which may act as comparators. This is a fair point. However, in London, where comparators do exist, there are indications the prices obtained by NAMA might well be at the low end of the expected price index. This is a fact.