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THE NATIONAL ASSET Management Agency sold twenty-six properties with ‘no evidence of open marketing’, a new report has found.
The state’s public spending watchdog, the Comptroller and Auditor General, carried out the value-for-money report into the activities of the bad bank in the period from 2010-2012.
In its report, the C&AG said that it was satisfied that the reasons supplied by NAMA for the lack of open marketing were “reasonable” in 15 cases, with sales of €151 million in value.
The sales of six other properties to state bodies in Ireland or Great Britain, with gross proceeds of €12.1 million, were not openly marketed either.
In a final loan, the report found that “there was no evidence of open marketing or obtaining market assurance”.
Bid
The report found that in one instance, a property in Ireland was sold without an open contest for €27 million.
The property in question had been the subject of an eight-week marketing campaign, with a winner chosen after this process later withdrawing.
The property was eventually sold to a new bidder, not originally on the shortlist, at the same price five months later.
However, the C&AG found that:
No evidence was provided to show how the purchaser was selected. Nor was there any evidence of the asset being returned to the market after the failed initial competition.
NAMA said it felt that the price for the property would have been lower had it been returned to the market.
Spending and rental mystery
NAMA was unable to say exactly what the returns were on properties that have been sold.
This is because it doesn’t have the IT system to keep track of capital or other funding provided to individual properties, or to calculate how much is coming in in rent from individual properties.
As such, the report found that “it is not possible to calculate the returns that were earned on properties that have been sold”.
NAMA had disposed of around €10.5 billion worth of property in the UK and Ireland by the end of 2013.
The C&AG looked at examined the sale of 144 properties as part of its review, which were sold for around €1 billion overall.
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Eh an Excel spreadsheet perhaps?
Or even just a calculator. That has to be the worst excuse Ive ever seen.
We are a bank but no one here can do maths or use a computer, sorry!
No chance, they had no training in excel
You’ve got to ask, who is buying all these properties, at knockdown prices, 10 billion worth? More back slapping and winking? Is there no end to the corruption?
The Laws in Ireland are fairly clear cut on keeping proper business accounts, If I as a small business owner fail to do so then I can get a criminal prosecution and go to Jail. It is absolutely nauseating that Nama have the Audacity to even mention something like this or use it as an excuse. I guess that makes all of us in Ireland who have a business dumb sh*ts . Double Standards for big corporations vis a vis Small business are Sickening and crippling the country.
We are a stinking corrupt country, always will be. Island of saints and scholars my arse.
“Island of Sinners” is a better description?
Insider discount sales?
We’ve known this for years.
Pure paddyisim yet again.
That place stinks of corruption, I’d love to be involved
Can someone help me understand this please ? How do we know it’s not the same people who borrowed millions to buy these properties in the first place aren’t buying them again at a reduced rate after being bailed out by the taxpayer, and then they NAMA don’t know how much rental income they get, do they think people r that stupid, skimming would come to mind. And if not this is another totally inadequate department and with this news all the head boys should b sacked, but of course there’s no accountability in Ireland anymore for government run departments
Spot on Malachy.
Seems that the big boys either stuff their family’s mattresses and have a one year bankruptcy detox in Knightsbridge
or
get €200k a year from NAMA and a huge write-offs/write-downs courtesy of the Irish taxpayer.
As the Irish taxpayer himself gets thrown to the wolves via an archaic “all new” banker-written 5 year bankruptcy legislation and their name published on a debt offenders list as if they were some kind of financial pervert.
Only in Ireland Ehh
That’s another point I totally forgot, would love an exact list of what every employee of Nama gets paid and what r their pensions gonna be, on top of that . Choo Choo all aboard the gravy train
Corruption in government is the rule, not the exception. Why are we constantly surprised to find that government are lying, corrupt, or worse? Why do we elect the same lily livered, stupid crooked people back to office time and again? Do we feel that’s what we deserve? Personally I want a better existence.
It’s understandable that they might not have the IT systems to track and calculate rental income from individual properties, not all computers come with Excel with these days.
Silent majority if a landlord could not track all his income from rental you can be sure he would be in some bother
Sure why would they bother tracking it? It is only tax payers money after all…..
yeah. its not like the ‘tax man’ is gonna catch up with him!
*them
We kinda figured all along that they would be selling off the better stuff to their cronies, family members, mates, vested interests etc.
Ironic that
NAMA has done nothing but make basic shelter more unaffordable and unattainable for the middle-classes that were mugged to set it up.
Yet plenty of lucrative buy to let opportunities for the likes of Kennedy Wilson, served up with huge helpings of NAMA finance and Capital Gains Tax exemptions courtesy of the Irish taxpayer via our austere banker puppet government.
NAMA has turned out to be nothing but a farce.
A corrupt Cabal where employes are freely permitted to trade vast amounts of sensitive, confidential information to the competition to the detriment of the Irish Taxpayer.
Mc Donagh’s and Daly’s lame gibberings “in the public interest” are wearing thin this stage.
This is daylight robbery on the grandest scale.
Shut down this fraud!!!
Cue a “challenging” Marian Finnucane interview with Daly.
That’s fair enough get a pen and paper and write it down
And Kennedy Wilson and the rest of the funds will be gone in another 5 to seven years and the market will crash again.
This is beyond belief. Sure who are they really answerable to? No one! In years to come it’ll be handled by yet another toothless committee or pointless tribunal. The usual game players filling the boots and the tax payers footing the bill.
Same ol same ol ……
You’re talking rubbish, its not beyond belief
Would love to see who they were sold to….
2 big ones were sold to a man who used to work for a developer who owes Nama a fortune and several were sold to newly formed unlimited companies in the Isle of Man, strange thing happened as soon as the lands were sold, staff members in Nama left their jobs and joined theses newly formed companies, strange but true
Transparency until FG were elected…and then back to the same…FF, FG, all the same
If you want to know another 26 just send me a request, Nama is that corrupt it make Lowry look honest
no doubt the developers on their payroll got the property at a good discount as payment in kind for all the advice they have given nama
Where are the proceeds?
We are entitled to this info -.It is we who paid for their mistakes – and now it looks like Vulture capitalists are cleaning up – yet the farce continues .
People seem oblivious of what is going on – and the media spout their sh#t even today – talking as if these were normal times etc – and what a difficult job that bast##rd Kenny has with his reshuffle . Would that he would drop dead .
The election was a near non event – except that labour got clobbered – but the two main parties did ok and SF did not get even over 20 % -
so its business as usual – beyond belief.
Can they use excel? Why would they need an ‘IT system’ ??? Is that what Accenture is telling them? Any idiot could follow returns using excel.
Sold to there mates in FG.
Gafs for the Lads.
Openess and transparency as always
And we Irish are going to sit back and take this as usual
Corruption Corruption why do we stand for this it is probably inside dealing going on no doubt where will it all end fed up with corruption can someone stop all this
This is a joke. Our laws are like cobwebs. Strong enough to detain the weak but too weak to detain the strong.
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