Bernard Durkan (Kildare North, Fine Gael)
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Question 118: To ask the Minister for Finance the extent to which the value of properties acquired through National Asset Management Agency has fluctuated since acquisition; if the original discounts compare with current valuations; and if he will make a statement on the matter. [34117/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Section 73 of the NAMA Act provides that NAMA may set a date by reference to which the market value of a bank asset or property is to be determined. The NAMA Board set this date as 30 November 2009. It follows that any property price changes after 30 November 2009 will not be reflected in the NAMA market valuations. Commercial property price indices suggest that prices in Ireland may have experienced a small decline since November 2009 but prices in the UK, which has about one-third of the assets underlying the NAMA loan portfolio, rose by a greater percentage.

It should be noted that, at this early stage, NAMA has taken over only the loans of the largest borrowers and has not realised any underlying securities and so it has not acquired any properties.