Fianna Fáil Senator Mark Daly is calling on the Attorney General to address Seanad Éireann regarding concerns over the National Asset Management Agency (NAMA).
 
Senator Daly has said: “I am concerned about the disposal of assets under the control of NAMA as I believe the spirit of the NAMA Act is not being adhered to.  NAMA is currently allowing assets to be disposed of largely by private sale where as the legislation establishing the agency is clear that this should be the exception as opposed to the norm.  
 
Section 18.1 of the Code of Conduct for the Governance of State Bodies (2009), which covers the disposal of property and other assets by NAMA states:
 
The disposal of assets of State bodies or the granting of access to property or infrastructure for commercial arrangements e.g. joint ventures with third parties, with an anticipated value at or above a threshold level of €150,000 should be by auction or competitive tendering process, other than in exceptional circumstances (such as a sale to a charitable body). The method used should be both transparent and likely to achieve a fair market-related price.
 
Senator Daly said: “I believe there is a genuine case to answer here and that assets being managed by NAMA are not being disposed of in a transparent and public way.  This has the potential to undermine the process and public trust in the agency and the process that is trying to recover as much money as possible from impaired loans.”
 
“I have written to the Attorney General and asked her to avail of the facility outlined under section 56 of the Standing Orders of the House which says the Attorney General may address the House.”