Thursday 8 December 2016

NAMA rebuts asset sale claims

Published 03/06/2011 | 05:00

A FIANNA Fail senator has repeated claims that developers are buying back assets from NAMA they previously owned at knockdown prices.

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But the agency last night said Senator Mark Daly had provided no proof of this.

Daly's remarks are part of a long standing campaign against the agency which he has accused of not being transparent in its dealings.

Daly has gone on radio several times to make the allegations, but so far has been reluctant to outline cases where developers bought back their old assets.

Daly last night said he wanted the Attorney General to come before the Seanad to discuss certain practices in NAMA.

But the agency said NAMA chairman Frank Daly had met Daly and asked for proof of his allegations, but none had been produced.

Senator Daly said that the agency appeared to be breaking the law by not publicly auctioning off sites and others assets. Instead he said NAMA was using private treaty sales.

He said under the rules all loans or properties NAMA acquired must be sold by way of auction or tender.

Daly said people who originally borrowed money from banks were now buying back their own assets under the current market value.

NAMA said it was surprised by the comments.

Irish Independent

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