inquiry into 'insider' NAMA deal


I think Michael McGrath hit the nail on the head when he said it raises big questions about NAMA governance procedures. What do NAMA say should have happened.

NAMA hold security over a huge amount of property and hold sway over the fortunes of thousands of people (including employees, professional services firms serving NAMA, managing agents, possibly some bank employees). They need proper governance because they hold such power.

(It is to be noted that whereas NAMA have put together large panels of firms which they can engage to do work it would appear that they have given the vast bulk of work to a small group of firms. This is strange where there are many thousands of matters to be dealt with.)

I doubt it would be possible to prohibit employees from working for other property investment companies or banks if that is the area they work in, but one would expect strict confidentiality clauses to apply (for whatever they are worth). Those clauses should cover using info for one’s own gain or for another’s gain.

It is also worth noting that apart from those working in NAMA, the banks had hundreds of people working on due diligence on the sale of assets to NAMA. Such people may have had access to valuations if not to the amount actually paid by NAMA (which information Frank Daly said was sensitive commercial information in his recent interview with Vincent Browne).

Section 35 of the NAMA Act requires that codes of conduct, including codes of conduct for officers (employees) be put in place. This has been done: … d-conduct/

However, it is not clear that any sanction other than normal employment related sanctions apply (verbal warning, written warning, suspension, dismissal?).

(1) Within 3 months after the establishment day, NAMA shall prepare codes of practice for approval by the Minister in relation to the following matters:
(a) the conduct of officers of NAMA;

(d) disposal of bank assets;

(2) A code of practice referred to in subsection (1)(a) shall set out—
(a) what constitutes misconduct in office for the purposes of section 43,
(b) the procedures for the investigation of an officer of NAMA suspected of misconduct, and
© the procedures for the suspension of such an officer from his or her duties for misconduct in office.

(3) After a code of practice is approved by the Minister, every person to whom it applies shall have regard to and be guided by that code in the performance of his or her functions and in relation to any other matters to which the code relates.

(4) If in the opinion of the Minister adequate provision has not been made in a code of practice drawn up by NAMA under subsection (1), the Minister may—
(a) direct NAMA to modify the code of practice, or
(b) substitute his or her own code of practice.

(5) NAMA shall publish a code of practice, issued under this section as approved by the Minister, on the NAMA website."


A quick glance at houses for sale in lucan with asking prices between 400k and 450k. … ice=450000


Hi, Long time lurker here…this latest Nama escapade is the final straw for me.

It is my suggestion that if people feel there has been a criminal offence committed as per NAMA legislation then one can make a report to Lucan Gardai of a possible criminal offence having been committed. I am sure they will take it seriously. They will take your details and a brief outline of the possible crime and then revert. Remember, on a Monday there are less Gardai on duty since the new roster came in. So be patient. But, be sure to get the name of the Guard you speak to and possibly follow up with a letter.

Remember with the state sector written communication gives them the heebee geebies!

The more people that report this possible crime to the Gardai then there is a chance of some recourse for the non corrupt citizen and non VI or insider.


Working at NAMA must be a little like working at Fort Knox, except there’s no security, no punishment for theft, the staff are largely short term contractors, and no one can put an exact market value on the assets involved. Staff related inventory shrinkage wouldn’t come as a surprise to anyone except maybe Frank Daly.

(From Wiki I see that the current value of the gold at Fort Knox seems to be around 200B dollars, not too many more times valuable that what NAMA owns.)


We need a skilled Lucan pinster to do some valuations for us here.

However, the first house in Evilal’s “quick glance” collection above is not dissimilar in profile to the Enda Farrell one, in that it is a 1970s detached house, asking 425K.

A major difference is that Enda Farrell’s purchase has 2 acres, while the above-mentioned one has only a quarter of an acre.

Another significant difference is that Enda Farrell’s purchase is a 5-bedroomed house, while the above is only 3 bedroomed.


Very good post.

NAMA is a dream place to work in if you’re the type of employee that’d put your hand in the till… :angry:


Have any other posters tried to contact NAMA or their receivers regarding enforced properties.
Maybe I’m being unfair to Mr. Farrell and NAMA. Maybe the process does actually work. I’d like to hear of positive interactions with NAMA from others.

With regard to my earlier post regarding this being an inside job I mailed NAMA’s appointed receiver as listed on the NAMA website enquiring about a specific development in a midlands town which is supposedly in NAMA.
It was noted in the newspapers that the developer is in NAMA. The agent confirms that they are not looking after that development. I have no idea who is looking after this development. I have nothing to go on. Dead end.
Previously NAMA replied to me to say that they just hold the loans, not the properties and I should approach the EA or receiver.
I’m an outsider. It seems only an insider would have been able to move along this property in Lucan based on my experience of the process so far.
I’m going back to NAMA to ask about it again but I’m not hopeful.


Dipole. I inquired about the prices of some of the Fleming stuff in West Cork and wrote about it on the Pin, but I am on a dodgy dongle in West Cork and cant seem to find the exact piece. From memory, I rang the receiver and I eventually ended up with a guy who worked for Fleming before they went wallop. He quoted me a price which was too high imho. But that is from memory


Is what you have described not one of the core problems with NAMA: lack of transparency, accountability or responsibility?

NAMA hold the loans but they also hold the collateral on which the loans were secured so any statement they make that says otherwise is nonsense. NAMA are selling commercial properties so why not residential?

The receivers are appointed by NAMA to manage the sale of the assets. NAMA know this.

NAMA are at the centre of the process and in overall direct control. Their attempts to redirect you are just misleading.

NAMA are distorting the residential market by refusing to sell and crystallise their losses at the 70% level.


Further to my earlier re reporting to the Gardai at Lucan about a possible offence, I believe it is best if it is put in writing stating where you believe an offence may have committed by reference to relevant legislation/instrument e.g.

Good luck!


I’ve PM’d you, Dipole.


Any people out there more legal savy and in possession of more eloquent English than me?

How about a template letter to send to the relevant authorities ala HomeChoice?

This will result in either:

  1. A criminal investigation


  1. the realisation that no rules were broken thus making it “official” that NAMA is a fucking scam


I like your thinking, Renting and Proud.

This website and - far more so - namawinelake’s blog, are effectively the only property watchdogs in Ireland. If we don’t keep NAMA under pressure to stay clean, no one else will.


And, in the case of Enda Farrell, he allegedly just went directly to the developer, NOT the receiver, NOT the estate agent.

So, does anyone know - least of all themselves - what the fuck is going on with NAMA enforced properties???


NAMA should never have existed. Yet it does within the system it serves. There it is throwing it’s weight around the “market” and the “courts”. A fabulous political beast fancy free to molds cultural life more than any other single government policy chime. An entity born to celebrate the culmination of failure ensuring the prolongation of death-thinking-legacy into a future and beyond our dreams. Legitimizing it’s existence as it goes makes things even worse. While and while we pay for enjoy the privileged of it’s softly terror as it gaps with blind dead eyes into the blackening pitt of our souls demise.


Well summarised by Namawinelake: … -employee/ … -employee/ … enanigans/


Ireland is full of institutionalized corruption.
Ireland is full of legalized corruption.

And then we have the illegal stuff too

The only way to have prevented this would have been to have no NAMA. Firesales and a free market would have done it.
Instead we have this crap and some chosen few builders being paid six figure salaries. So much you`d think they were being paid to keep quiet or something.


If this property was bought directly off developer, surely it is not beyond the bounds of reason that there was a side deal.

Let me see…

I pay you x for site and I’ll pop y into an offshore bank a/c of you’re choosing (offshore read beyond the reach of creditors).

The seller would be more interest in y given their bust


Looking at Namawinelake, it looks like no receiver was appointed and that the offer was put directly to the owner. forgetting about NAMA, this is not unusual in property transactions. You see something, you like it and you put in an offer.

After that it is up to the seller if they want to accept the ofeer or not, or if they want to put it on the open market.
The seller’s bank are only consulted if the loan will not be paid off in full. We are not aware if this particular loan was not paid off in full. Remember, NAMA also took in loans which were not impaired.

If NAMA held security over this property and they were asked to consent because the loan was not being repaid in full, they basically had choice whether to consent to the borrower accepting the offer, or to put the property on the market (and incur the expense of selling agents and risk losing the existing buyer).

Presumably NAMA would be relying on the valuations as at November 2009 and estimated the probable price drop since then. Therefore, if any question of impropriety arises, it is at the sale approval stage.

On an aside, it is rumoured that NAMA have refused to sell many properties where offers have been received. That is clear from comments on this thread from people who wanted to buy NAMA properties. I have heard similar stories from others. To me, trying to keep a false bottom on the market is more serious and more dangerous than selling at low values.


and response from NAMA regarding property in NAMA which I’m interested in is “Accordingly should the property you refer to form security to the loans acquired by the Agency and no enforcement action has taken place the owner of the property will continue to be in control of the property.”.
Developer in question appears to be happy to see houses in the development looted and squatters in place so he isn’t motivated to safeguard the assets on which loans are covered by NAMA/Banks under NAMA protection.