Nama urged to reveal full portfolio

Nama has been urged to publish full details of its property portfolio and all sales transactions to date.

The call came from a Fine Gael TD who criticised the lack of transparency at the agency.

Mary Mitchell O’Connor said the agency has “a habit of keeping details of property sales closely guarded making it difficult for members of the public to view and purchase properties in its portfolio”.

The Dun Laoighre TD said Nama “needs to step up and answer the many questions people have about how it conducts its business”.

Nama said yesterday it has “no record of giving clearance” to a former employee to buy a house that was under the agency’s control while he still worked for it.

This is despite the executive in question, Enda Farrell, who left the agency in April, claiming yesterday he had the “general” clearance of his employers to buy the house in December.

But he said he did not specify which property he would be purchasing before approaching the developer.

In a statement, Nama said: “The agency has no record of giving clarence for this transaction before or afterwards.”

This does not clarify the issue and many questions remain unanswered, according to Fianna Fáil, which said the gardaí should be called in to investigate what it described as “troubling” revelations.

“The reassurance from Nama that it has no record of giving clearance for the specific property purchase by former executive Mr Farrell does not answer the central question,” said FF finance spokesman Michael McGrath.

“Mr Farrell has claimed he was informed by the agency’s compliance unit that he could purchase a Nama property in a private deal provided it was used as a private residence.

“It would be truly shocking if this proves to be the case, and it would reveal a deeply disturbing culture within the agency whereby executives have the inside track on purchasing assets under the agency’s control.”

Mr McGrath said it was essential that the public feels the agency is going about its work “without fear or favour” and the sale of a property under its control to a staff member “raises fundamental questions” for the agency.

Ms Mitchell O’Connor said it was crucial the public has “full visibility” of the agency’s property portfolio “and that properties are not just being sold to a select group of people”.

She said Nama was obliged to get the maximum price for its property. “If these properties and land are being sold behind closed doors, then the taxpayer is being short-changed.

“I am calling on Nama to publish its entire property portfolio, including all properties that have already been sold, and for how much, as well as what properties and land it currently has for sale.

“The agency should also reveal how land and properties are valued and how they subsequently decide on a sale price. This should all be published on Nama’s website, which at the moment is difficult to navigate, especially when searching for properties for sale.”