Tuesday, 26 February 2019
Department of Finance
NAMA Property Sales
I wish to advise the Deputy that NAMA does not own or sell properties. Rather NAMA’s role is as secured lender and the properties securing its loans remain under the control of their registered owners, or in the case of enforcement, the appointed receiver.
I am advised that the property referenced by the Deputy was controlled by a NAMA-appointed receiver and that the property was recently sold following an open market sales process which was managed by the receiver. The appointed receiver has a fiduciary duty to maximise the return for assets under their control and that NAMA, under Section 10 of the NAMA Act, is obliged to obtain, from its secured assets, the best achievable financial return for the State.
The Deputy will be aware that I, as Minister for Finance, have no role in respect of NAMA's commercial operations or decisions. Accordingly, it would not be appropriate for me to comment on individual transactions.