Saturday 1 October 2016

Nama has claimed €486m in jewels and art from its debtors - Noonan

Published 23/12/2015 | 02:30

Minister for Finance Michael Noonan pictured speaking to Irish Independent Editor Fionnan Sheahan after the presentation of the latest Exchequer Returns at the Dept of Finance. Picture Credit: Frank Mc Grath.
Minister for Finance Michael Noonan pictured speaking to Irish Independent Editor Fionnan Sheahan after the presentation of the latest Exchequer Returns at the Dept of Finance. Picture Credit: Frank Mc Grath.

NAMA has claimed nearly half a billion euro in jewels, artwork and other items from borrowers it has moved against.

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In response to a parliamentary question from Fianna Fáil's Michael McGrath, Finance Minister Michael Noonan said the State bad bank had taken extensive action against debtors.

Mr Noonan said he has "been advised by Nama that it has approved disposals by debtors and receivers of non-real estate assets with an aggregate value in excess of €486m". He added: "Such assets include shares and other investments as well as artwork, jewellery, fixed assets and other goods."

The agency has sought artwork and other non-property related assets before.

In 2013 it was reported that the agency had authorised the sale of art that had belonged to financier Derek Quinlan.

In November 2011 the agency apparently sold off the collection through Christies in London for about €1.9m.

The items sold included works by Jack Yeats, Roderic O'Connor and Ivon Hitchens.

Two years later the agency sold four more paintings that had belonged to Mr Quinlan.

Four paintings went under the hammer at a Christie's auction where they sold for £239,750.

That sale saw the paintings change hands for massive discounts compared to the price Mr Quinlan had paid for them originally.

One painting by Louis le Brocquy, titled 'Woman', made £28,750 - or less than half its estimated value in 2011.

Famously, the bad bank sought jewellery belonging to Mary McCabe - the wife of developer John McCabe.

In February 2013 Judge Peter Kelly granted orders to Nama appointing a receiver over the three items of jewellery of Mrs McCabe.

The jewellery included a ring allegedly valued at €150,000 and a bracelet and necklace collectively valued at about €140,000. Nama now expects to make a profit of €2bn over the life of the agency.

Irish Independent

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