NAMA Questioned Over Sale Of Property Assets

The Minister for Finance is being urged to attend a debate in the Seanad in relation to NAMA's strategy of selling off property assets while the property market is still in recovery.

Labour Senator Lorraine Higgins said this will result in the Irish taxpayer missing out on potentially higher revenue from property deals.

She said: "It is fair to say a 136% increase in property price is not reflective of the bounce in the property market here, and it needs further explanation.

"With NAMA chief executive Brendan McDonagh saying the agency aims to sell €250million worth of assets every three months, it is concerning to see these kind of profits available to private investors, effectively at Irish taxpayers’ expense.

"We already know of practices in the US which were exposed in recent months, where private-equity firms like Blackstone and Carlyle, amongst others, were accused of agreeing not to compete for each other's exclusive deals and allocating transactions among themselves, in order to keep the purchase prices down."


Related Irish News Stories
Click here for the latest headlines.

08 September 2009
Developers Push For Inclusion In NAMA Plan
The State's developers have called on the Government to include them in the current formulation of the National Assets Management Agency Plan.
31 July 2009
Ireland To Become World's Biggest Property Owner
As the plans for the National Assets Management Agency (NAMA) are released, the first reactions suggest the toxic debt trouble-shooter is a €90 billion gamble that could see the Irish state becoming the worlds largest property owner. NAMA will be responsible for buying up assets and properties which developers are failing to meet the payments on.
01 October 2014
NAMA To Sell Five Irish Property Portfolios
The National Asset Management Agency (NAMA) has announced that it will sell five Irish property portfolios, with a combined value of approximately €600m, over the next three months. The portfolios will comprise of offices, shopping centres, hotels and apartments.
12 March 2024
How Much Gambling Takes Place in Ireland?
When we think of Ireland, we may think of many things ranging from lush green landscapes to Guinness and Irish dancing, but it may be surprising to learn that the country has a passion for gambling.
26 March 2024
New Manifesto To Transform NI's Credit Union Network
The Irish League of Credit Unions (ILCU) has launched a new policy manifesto to support the Northern Ireland Assembly in bringing about essential changes and recognising the essential role of credit unions within communities and the wider economy.