Lorraine Higgins (Labour) | Oireachtas source

I thank the Minister of State for her response and take her views on board. I note her reference to openly marketing properties, but I was referring to the fact that a new company was set up with new directors who had no prior corporate relationship and, therefore, the question of a conflict of interest did not arise. There could not be a conflict of interest because they had no established relationship by virtue of limited liability. That is the issue, as well as the fact that NAMA does not seem to be engaging in any risk management in the context of such scenarios. Everyone in this House would agree that an increase of 136% in the price of a property in less than 18 months bucks every market trend.

Today I received correspondence from a man who wanted to buy a property. In order to be able to make a bid on that property, he had to view it. He was told that he could view it on a particular day during office hours. Unfortunately, he could not get to see it at that time so he could not make a bid on the property. The restrictive viewing time precluded him from even attempting to purchase the property. He was then informed that the property was sold without getting the opportunity to make a bid for it. He looked at a second property and the same thing happened. He then went to look at a third property but was subjected to the same treatment. All three properties were sold before he had an opportunity to make a bid. This man was a bone fide buyer and was trying his best to acquire a property in the north of Dublin. Unfortunately, he did not get that opportunity. I fear that he would have given more money for those properties than what they were actually sold for but he was not given the opportunity by NAMA to bid for them. He has been unfairly treated - there are no two ways about it. These practices need to be stamped out.

We read about NAMA in the newspapers in the context of social housing it will make available and the extra housing that it will build in Dublin. It is wonderful that NAMA has some social responsibility but if it is not looking after the pennies, how will it mind the pounds?