Ring expresses ‘worry’ about Nama land valuations

A Minister has questioned valuations the National Asset Management Agency has put on State properties it plans to sell.

Minister of State for Heritage Michael Ring said he wanted to put on the Dáil record his "worry" about Nama valuations including on 4,900 acres of land above the Glenasmole reservoir in Co Dublin, including land known as the Featherbeds.

Green Party leader Eamon Ryan raised the issue in the Dáil, expressing his concern that Nama was selling land that should be kept in State ownership. He said 93 per cent of it was part of Co Wicklow's special area of conservation (SAC) "and one can do nothing with it, such as put up a wind farm or buildings".

Mr Ryan said the land was a “perfect example” of an asset where “there is no possible commercial development”.

Reports suggested Nama was looking for €2.5 million, about €500 an acre which Mr Ryan described as “not a high price”.

He said he would like to see the property acquired by the State but his budget this year for the National Parks & Wildlife Service was €2.5 million so he did not have the resources and he would have to talk to the Minister for Finance.

“I want to put on the public record that I agree with the deputy but I worry about Nama’s valuations with regard to this particular piece of land,” he said. “I am dealing with another situation where it is in the public interest and I repeat that I worry about the valuations Nama is putting on these properties.”

Mr Ring said he could not interfere with Nama but: “I can make it in the Dáil today. This is in the public interest.”

The Department of Heritage had expressed an interest in May 2014 in acquiring the land from Nama, whose board had recommended engagement with other State bodies when an asset is linked to its “statutory function”.

Mr Ryan said he presumed the Minister meant Nama had been “haggling over the price” and he was “surprised we have allowed this to get to this stage”.

He said it now “makes sense for us to get hold of it, finish this quickly so we can stop a private bidder coming in an increasing the price to €3 million or €4 million. If that happens we will have real difficulty in getting it back to the State”.