Michael McGrath (Cork South Central, Fianna Fail)
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78. To ask the Minister for Finance if he will provide details of the background to the sale of the Spawell complex in Templeogue in Dublin 6W; if he will specify the National Asset Management Agency 's role in the sale; his views that section 2(b)(viii) concerning the purpose set out in the National Asset Managment Agency Act 2009 to contribute to the social and economic development of the State was adhered to in this case; if a sale to the Gaelic Athletic Association was considered in line with the agency's mandate; and if he will make a statement on the matter. [26818/15]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, NAMA has acquired and manages loans and is not the owner/operator of properties. The Agency's role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners or their professional managers/agents.  NAMA, nonetheless, in accordance with its statutory obligations, takes a very close interest in their efficient management and sale with a view to maximising loan repayment and thereby protecting the position of the taxpayer.

I am advised by NAMA that the particular property referenced by the Deputy was sold, following a competitive open market process, by the duly appointed Receiver. NAMA did not sell the property.  As the Deputy will be aware, in cases of enforcement, receivers are appointed as agents of the borrower and are obliged to achieve the highest price possible on the sale of properties on behalf of the borrower.

The Receiver in this instance could not have accepted a lower bid for the property simply on the basis that the bid was received from a sporting organisation.  If he had done so, the Receiver could have been exposed to litigation.  It is important to note that there is no provision for NAMA, a receiver or an administrator to allow for the sale of assets at a price below the highest bid/market value as to do so would run counter to NAMA's commercial obligations under Section 10 of the NAMA Act to optimise the proceeds from its loan portfolio to the benefit of all taxpayers.

In the context of its overriding commercial mandate as delineated by Section 10 of the NAMA Act and its ancillary objectives under Section 2 of the NAMA Act, NAMA seeks to manage its loan portfolio in a way that complements the objectives of other public bodies, namely Government departments, State agencies and local authorities.  I am advised that in circumstances where such public bodies initiate engagement with NAMA and indicate an interest in acquiring a specific asset which is for sale, NAMA, wherever feasible, affords the public body first option on the acquisition at the independently assessed market value of the asset.  NAMA has widely publicised its policy in this respect and has facilitated a number of very important transactions in areas such as social housing, education and healthcare provision. Further information and examples of this engagement are available on NAMA's website at the following link: . It should be noted that this policy relates to transactions involving statutory bodies only.