independent

Monday 21 April 2014

Nama statement on Mount Carmel Hospital

Mount Carmel Hospital is an asset securing loans acquired by NAMA. The hospital has been incurring significant losses since NAMA acquired the loans in 2010.

These losses have been funded by NAMA while it has sought, in conjunction with the debtor, to put in place arrangements which would enable the hospital to operate on a viable basis. Unfortunately, it has not been possible to formulate such arrangements.

Over much of 2013 and continuing into January 2014, the debtor has sought to sell the hospital but, following extensive open marketing and prolonged engagement with various potential purchasers, including various health enterprises and agencies, it has become clear that a sale at an acceptable price was not possible.  After reviewing detailed financial and operational data relating to the hospital, the Department of Health informed NAMA on 11th December 2013 that neither it nor the HSE proposed to enter into discussions with a view to purchasing it.

Given that NAMA’s primary objective is to obtain the best possible financial outcome for the taxpayer and given that the sale is not proceeding, NAMA has decided that it can no longer continue to fund unsustainable losses at the hospital.  The Directors of Mount Carmel Hospital have decided to petition the High Court for approval for the appointment of a liquidator to the hospital.

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