Joomla Software solutions Template

NAMA and Irish Bank Resolution Corporation Transparency Bill 2011

15th December,2011  Senator Mark Daly introduced Bill to ensure more transparency in NAMA and Irish Bank Resolution Corporation Transparency

Senator Mark Daly’s proposal to have more transparency in the way NAMA and Irish Bank Resolution Corporation Transparency (formerly Anglo Irish Bank) sell loans and properties was approved at the Fianna Fail Parliamentary party meeting. The  NAMA and Irish Bank Resolution Corporation Transparency Bill 2011 provides that, in the  interests of transparency,  all relevant details of loans, properties, and/or other assets be offered for sale by or with the approval of NAMA or the Irish Bank Resolution Corporation (formally Anglo Irish Bank)  be made available to the public by means of publication on a website.  

Senator Daly’s comments on January 29th in the Seanad attracted much media coverage. Where he stated that some developers were buying back the property they had originally borrowed money on for under the current market price.  

Taoiseach Enda Kenny stated in June at the British Irish Parliamentary Assembly held in Cork that he too had concerns and “had some indications of attempts to acquire property that was taken from developers through a variety of methods,” he went on to say. “I hope that NAMA are on top of that, and that where NAMA have acquired assets that they don’t find their way back to where they were acquired from in the first place.”  

In July this year NAMA launched a new a website that has proven to be lacking in detail. Senator  Daly had first proposed a website in January and in subsequent meetings with NAMA. Senator Daly has been given permission from the Senate to introduce the Bill as a private members Bill and did so today.  

The Sunday Independent last weekend broke a story that a former Anglo Irish Director has been involved in buying the Four Seasons Hotel. A consortium of investors who purchased the hotel originally owed 50m to Anglo Irish.  The sale does not appear to have been carried out in a manner that is in the best interest of the tax payer. "The Four Season sale has all the hall marks of insider knowledge and is lacking in the transparency that the Irish tax payer is entitled to" said Senator Daly.  Details of the NAMA and Irish Bank Resolution Corporation Transparency Bill 2011 This information shall be posted on their respective websites for a minimum of 4 weeks before accepting any offer.   Details that shall be on the websites include: 

(i) the date the loan, property or other asset being disposed of was first posted on the websites;  

(ii) the address of the property;

(iii) description of the loan, property, or other asset;  

(iv) name of the person and/or company in who's name the loan, property, or other  assets, are being disposed of;

(v) the name of the selling agent;  

(vi) the amount of each offer made on the loan, property, or other asset;  

(vii) such further details as are deemed relevant by NAMA to ensure transparency in the selling process and to protect the interests of the taxpayer.

After a sale has been agreed both NAMA and the Irish Bank Resolution Corporation shall post on the said websites:  

(i) the price at which the loan, property, or other asset was sold.   

The campaign started before the 2011 election. The objective is to get NAMA to sell all assets under its control in an open and transparent manner.  Firstly on a website which would contain details of all NAMA controlled assets for sale. NAMA sales should also comply with the Code of Conduct for the sale of State assets, thus ensuring the return to the taxpayer from the sale of assets is maximised.  The introduction of the NAMA and  Irish Bank Resolution Corporation Transparency Bill which is presented to the Senate under Senator Daly’sname will achieve the objectives of openness and transparency.