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Sinn Féin launches NAMA document outlining measures to maximise value for Irish citizens

4 August, 2015

Sinn Féin Junior Finance Spokesperson Peadar Tóibín and Finance spokesperson in the North Daithí McKay MLA, today published a paper setting out five proposals to ensure NAMA delivers the best possible value for Ireland and its citizens and tackles growing concerns regarding the agency’s activities and expedited wind-up deadline.

Deputy Tóibín said:

“The Siteserv debacle has starkly illustrated what happens when Government not only takes a hands-off approach to how public monies are being managed and spent by the state bodies, but also refuses to deal with the opposition’s concerns on such matters in real time or in a transparent fashion.

“Despite having been dragged kicking and screaming to finally establish a Commission of Inquiry into the IBRC, it appears the government has learnt little from the whole episode. There is a growing unease around the activities of NAMA and the shortened timeframe within which it is now to wind-up, yet government has failed yet again to adequately address these concerns.

“Property values continue to rise year on year yet NAMA and Fine Gael/Labour are pursuing an arbitrary wind-up deadline of 2018, with the 80% of NAMA bonds redeemed within the lifetime of this Government.

“There are examples of investors effectively flipping properties purchased from NAMA for significant sums of additional profit in very short periods of time. These lost profits are desperately needed monies for the public purse.

“There is no advantage to the taxpayer for this fire-sale strategy. A review of NAMA’s loan book is needed if the State is to realise the true value of the agency’s loan book, and ensure absolute transparency in NAMA’s remaining transactions.

“Sinn Féin has today published a discussion paper outlining five proposals to enhance existing scrutiny of NAMA’s activities; maximise profitability for the taxpayer, place a renewed emphasis on the use of NAMA’s development funds in Ireland, deliver an independent audit of NAMA’s remaining properties for social and economic development and examine salaries and cooling-off periods.”

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