‘Sundays Well’ Transaction – Summary Report
27 November 2012 – The National Asset Management Agency became aware in early August of this year of a property transaction involving a NAMA debtorA borrower whose loans have been deemed eligible and have been transferred to the Group. The borrower is referred to by the Group as a debtor. A debtor connection is a group of loans that are connected to a debtor. and an ex-employee of the Agency, Mr. Enda Farrell. NAMA immediately requested its internal auditors, Deloitte, to review the events surrounding the transaction and to ascertain whether any internal protocols had been breached.
In line with the commitment given by the NAMA Chairman, Mr. Frank Daly, at a recent meeting of Joint Oireachtas Committee on Finance, Public Expenditure and Reform, NAMA has today published a report on the transaction. The report outlines the sequence of events relating to the transaction and the disclosure requirements imposed on NAMA staff under the NAMA Act 2009 and associated Codes of Practice.
The report also sets out Deloitte’s key recommendations, all of which have been accepted by the NAMA Board and which have now been implemented.
Sundays Well - Transaction Report (69.1 KB, pdf format)