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Westport House excluded from latest NAMA loan portfolio sale following Government intervention

Westport House has been left out of the latest sale from NAMA's loan portfolio. The Government in...
Newstalk
Newstalk

11.37 24 Oct 2015


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Westport House excluded from l...

Westport House excluded from latest NAMA loan portfolio sale following Government intervention

Newstalk
Newstalk

11.37 24 Oct 2015


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Westport House has been left out of the latest sale from NAMA's loan portfolio.

The Government intervened to ensure the stately home, which is in the Taoiseach's Mayo constituency, was not included in a bundle of properties code named 'Project Arrow' - worth around €6 billion.

NAMA has been criticised for giving the US vulture fund Cerberus the chance to buy the loans.

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Cerberus was also the buyer of controversial Northern Ireland loans.

Cerberus were one of two bidders competing for the Proect Arrow loan book, along with Apollo.

Independent TD Mick Wallace wanted Cerberus barred from the process - and is urging Michael Noonan to intervene and stop the sale from going ahead.

The current loans NAMA is selling are almost all under-performing, and Irish Independent columnist Paul McNeive says that might make them attractive to buyers.

Speaking to Bobby Kerr on Down to Business this morning, Mr McNeive said "if the values have gone up since NAMA had these last valued, it means you can get people out":


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