“The acts and omissions of Mr. Farrell identified inthe Deloitte review could be said to have come within this definition of misconduct. Mr. Farrell disputes this.” Extract from internal report published by NAMA 27th November 2012
NAMA has this afternoon published its internal report on the original Enda Farrell affair – that was the purchase of the property known as Sunday Well in Lucan in November 2011 by Enda and his wife Alice Kramer (Alison Kramer) for €410,000 from NAMA developer, Thomas Dowd. The report sets out the timeline leading up to the purchase, details of Deloitte’s internal review and the recommendations arising from the review, all of which have been accepted by the NAMA Board and which have now been implemented.
The report is available here.
We don’t really learn much that is new.
Deloitte concluded that NAMA had already policies in place to prevent conflicts of interest, and Deloitte concluded that Enda didn’t comply with those policies, though the report states that Enda disputes the conclusion that he didn’t comply with those policies.
What will dismay many is that there is no evidence in NAMA’s report to support its claim that the property was independently valued. It is stated that the developer, Thomas Dowd engaged two local estate agents to source a buyer for the property. The report states that it was “a local estate agent which recommended that the NAMA debtor accept the offer of €410,000” As far as the independent valuation on the property goes, that’s it! No mention of the terms under which the “local estate agent” was acting and who he was acting for.
One of the recommendations is that all NAMA property be placed on the open market, and this policy, NAMA says, was adopted in October 2011. There are a small number of exceptions, and NAMA says “in certain circumstances this will not be practicable”. It certainly wasn’t with the sale of the second landbank in Cork this year which caused ructions in the Dail.
In future, NAMA will only sell a principal family home to its employees and will require buyers to state if they’re NAMA employees.
“One of the recommendations is that all NAMA property be placed on the open market, and this policy, NAMA says, was adopted in October 2011. ”
Why not simply put NAMA on the open market ?
The State has no business trying to micro-manage this sort of operation. Far better that we take €20-25B now and get out of Dodge on this whole question, using such proceeds to buy back the bonds currently held as collateral.
So, we take a hit to some extent……. Or we could retain a residual equitable interest……..
At least that would be one more piece of this infernal mess finished.
All the best to all,
Eric.
So it’s kinda nobody’s fault. Cosy. I wonder what you’d actually have to do to get into trouble. Ordinary decent criminals would never do gaol time if similar standards were applied.
Sounds like this “report” is a dressed up version of Nama’s press releases to date. How long more must we be run by PR men?