Written answers
Wednesday, 2 April 2014
Department of Finance
NAMA Operations
Patrick O'Donovan (Limerick, Fine Gael)
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70. To ask the Minister for Finance the safeguards in place within his Department to prevent the prospect of persons who moved properties into the National Asset Management Agency buying them back; and if he will make a statement on the matter. [15490/14]
Michael Noonan (Limerick City, Fine Gael)
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As the Deputy may be aware, Section 172 of the NAMA Act precludes NAMA from selling loans or property to a defaulting debtor or to parties connected to a defaulting debtor. In accordance with Section 172 of the Act, purchasers of NAMA loans or secured property are required to sign a statutory declaration that they are not connected to the debtor or other obligors. In addition, NAMA Board guidelines require that sales agents prepare a final report and recommendation, which includes, inter alia, confirmation that the sales agent has reviewed the purchaser s declaration relating to connected party sales and a statement disclosing any commercial relationship between the agent, debtor, purchaser or purchaser s ultimate beneficial owners in the past five years.
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