It’s hard to make sense of NAMA’s Northern sale

It may be a lot of money to you and me but in the context of the NAMA property sale in Northern Ireland €7 million is peanuts. The basic questions which must be put to NAMA are:

1. Why combine so many different properties in Northern Ireland into a single bundle valued at about €5 billion knowing that this figure would rule out a lot of potential bidders which is the last thing that any a seller should ever wish to do?

2. Was NAMA under such pressure to sell straight away?

Would it not have been prudent to set a reserve price which would send a message to potential bidders and, if not reached, would leave them free to withdraw the property and market it again later?

Finally, I know that NAMA is independent but independent does not mean unaccountable.

The above questions must be put to NAMA and answers demanded.

Brendan Casserly

Benvoirlich

Bishopstown

Cork