Request Ref. FOI/164/2015
/(& September 2015
Mr Gavin Sheridan
gavinsblog@gmail.com
Dear Mr Sheridan,
1 refer to the request which you have made under the Freedom o f Information Acts 2014 for records
held by this Department.
Following your consultation with the FOl Unit in the Department of Finance, I received a request for,
All correspondence sent to the Department o f Finance / Michael Noonan in relation to the sale o f 20
Grosvenor Square in London by NAMA, This should include, but not be limited to, direct
correspondence and correspondence that the Minister was cc'd on. It should also include
correspondence received from all bidders fo r this building including any correspondence from Jane
Tripipatkul or her representatives in relation to how this building was sold by NAMA. It should also
include any follow up correspondence between the Department and NAMA on this matter or
correspondence between the Department and any bidderfo r this building.
As outlined in the attached schedule, I have decided to grant your request in part.
Reasons for decision
The relevant FOI exemptions which apply to the records identified are set out in detail in the schedule
attached to this letter.
In relation to where a record is indicated as being exempted under Section 35, the record concerned
contains information given in confidence and on the understanding that it would be treated by it as
confidential. The release of such information is exempted under Section 35 of the FOI Act 2014.
In relation to where a record is indicated as being exempted under Section 36, the records concerned
contain information which is commercially sensitive. The release of such information is exempted under
Section 36 of the FOI Act 2014.
In relation to where a record is indicated as being exempted under Section 37, the records concerned
contain personal information. The release of such information is exempted under Section 37 of the FOI
Act 2014.
Schedule of records
A schedule is attached to this letter. It shows all the records located in the Department that are
considered to be relevant to your request. The schedule describes each docum ent/record, and
indicates w hether the record is released in full, released in part or not released.

Tithe an Rialtais
Sraid Mhiiirfean Uacht
Baile A t h a Cliath 2
tir e

F on /T e l: 353 1 676 7571
Facs / Fax: 353 1 678 9936
Glao A itiu il / LoCall:1890 66 10 10
tittp://www.finance,gov.le

Government Buildings
Upper Merrion Street
Dublin 2
Ireland

 Access Arrangements
The records are supplied in digital format.
Rights of appeal
You may appeal this decision by writing to the Freedom of Information Unit, Department o f Finance,
2 - 4 Merrion Row, Dublin 2 seeking internal review of the matter. Please note that a fee applies for
such an appeal. The level of this has been set at €30. Payment should be made by way of bank draft,
money order, postal order or personal cheque, and made payable to the Department of Finance. Please
refer to this decision in your letter. You should make your appeal within 4 weeks from the date of this
notification; however, the making of a late appeal may be permitted in appropriate circumstances. A
week is defined in the Act to mean 5 consecutive weekdays, excluding Saturdays and public holidays
(Sundays are also excluded, as they are not weekdays). The appeal will involve a complete
reconsideration of the matter by a more senior member of the staff of this Department and the decision
will be communicated to you within 3 weeks.

Yours sincerely,

Declan Reid
Dept, of Finance
Financial Services Division

 FOI Request Reference:

164/2015

Schedule of Records: Summary of Decision Making
Record
No.

Brief Description & Date of record

File Ref.

No. of
Pages

Decision:
Grant/Part

Basis of Refusal ■Section Reason for Decision
of Act

Public Interest Considerations
(if applicable)

Grant/Refuse

Identify deletions
where record is part
Refused

(for and against release)
1

Emaii exchange between DoF and NAMA 6th June 2013

2

Letter to NAMA Chairman, cc to Minister for Finance 30th

13/2690/MF

2

Part Grant

Section 37

Record contains personal information

2

Part Grant

Section 35, Section 36,

535 - The record contains information received by The public interest test was applied. However Personal, confidential
the Department of Finance In confidence and on the balance lies In not releasing the record.
and commercially
the understanding that it would be treated as
senstive information
confidential
redacted
536 - The record contains commercially sensitive
Information.

Section 37

May 2013 (Attachment to record 1 exchange).

3

Response Letter from Private Secretary,

13/2690/M F

1

Part Grant

Section 37

537 - Record contains personal information
Record contains personal information

Signed
Date

The public Interest test was applied. However Personal Information
the balance lies in not releasing the record.
redacted

The public interest test was applied. However Personal Information
the balance lies in not releasing the record.
redacted

(Deciding Officer)

 David Linehan
From:
Sent:
To:
Subject:
That should be ok thanks

Sarah Lawless
06 June 2013 12:02
‘Martin W Whelan'
RE: Ministerial rep
__

From: Martin W Whelan [mailto:Martin.W.Whelan@nama.ie]
Sent: 06 June 2013 11:55
To: Lawless; Sarah
Subject: RE: Ministerial rep
Sarah,
Two agents were appointed by NAMA to market and sell this property, which each prospective purchaser was aware
of and could feel free to contact. This was a very thorough open market process. The complainant in this case was
significantly off the mark from a commercial perspective - put simply, their offer was not sufficient to purchase the
property. The sale process was transparently, professionally and successfully managed and generated the
appropriate return to the taxpayer.
Let me know if you need more.
Regards,
Martin
_
______
____
From: Lawless, Sarah [mailto:Sarah.Lawless@finance.gov.ie]
Sent: 06 June 2013 11:48
To: Martin W Whelan
Subject: Ministerial rep
Hi Martin
We have received the attached letter fro m     ^   ^ ^ H ^ ^ ^   which was sent to Frank Daly, regarding the sale of
the 20 Grosvenor Square, London Wl.
I will be drafting a reply stating that the commercial decisions of the Agency are a matter for the board and the
Ministers confidence in the sales procedures in place.
Can you provide information regarding this transaction which I can supply to the Minister as background on the
transaction and let me know generally how you intend to reply to     ^ ^ ^ ^ ^ ^
Thanks
Sarah
Sarah Lawless
Shareholding Management Unit,
Department of Finance,
RM B6/7
The Billets,
7-9 Merrion Row,
Dublin 2
01 6045107
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3 j xXo^O

IvVlP

f y [i3

Frank Daly
Chairman
National Asset Management Agency
Treasury Building
Dublin 2
PRIVATE & CONFIDENTIAL
30 May 2013
Dear Mr Daly
Re: 20 Grosvenor Square, London W1 (“the Property”)

I understand that the contract for the sale of the above Property was recently awarded on
behalf of the National Asset Management Agency (NAMA) acting under the powers
conferred on it by the National Asset Management Agency Act 2009 (“the 2009 Act”). The
contract was awarded following a bidding process and I write now as representative of one
of the bidders in that process. The process was conducted on NAMA’s behalf by Knight
Frank/CBRE.
We have become aware of allegations that the bidding process for the sale of the
Property was not conducted in a fair and transparent manner. In particular we have
heard that:
1. Knight Frank may have acted in concert with the legal owner of the Property, and
that both Knight Frank and the legal owner favoured the bid by the party which we
understand was ultimately successful in being given the opportunity to enter into
the contract for the purchase of the Property.
2. We understand the successful bidders were given this opportunity based on their
initial bid, despite allegations that:
a. They were allegedly acting in concert with the legal owner of
the Property. Indeed we have heard a suggestion that the seller
will continue to retain a significant beneficial interest in the
Property following its sale. We are advised that such an
arrangement would be in breach of the 2009 Act and, if this is
true, we would contend that the sale be terminated immediately.
b. As bidders we were informed that there were to be at least two
rounds of bids. There was no second round of bidding. We
understand that the successful bidders were awarded the contract
to purchase the Property based on their initial bid and understand
that other bidders will confirm this. We further understand they were
not the highest bidder at this stage of the process.
In our view the bid was conducted so as to deter other bidders. Knight Frank on
occasion refused to take calls or have any meetings regarding the Property and
made it difficult to insect in the two weeks prior to the first round of bids being lodged. Knight
Frank did not return any calls from us or our solicitors or, so far as we are aware,
from the other bidders after we had lodged our initial bid.
We were assured by Mr John Collison of NAMA that a bid of
bid) would give us the opportunity to participate in the second

[our initial

 We further understand that even proof of funds may have been a misrepresentation of the
facts and that they should have been excluded from the process on that basis. Since 2011, and
at considerable expense, I have engaged with your colleague, Mr Paul Hennigan, regarding
the Property. Mr Hennigan explained to us that NAMA had entered into a period of exclusivity
with another party and if that situation was ever to change the Property would be offered
for sale in an open and transparent process. This was also confirmed by Mr John Mulcahy
at various meetings I had with them both in Dublin and London.
As Mr Hennigan and Mr Mulcahy will confirm, we have pursued the acquisition of the
Property on behalf of one of the wealthiest and most high profile investors from Thailand
who committed considerable funds towards his aim of acquiring the Property and did so in
the belief that that the sale process would be fair.
Naturally an investor will of course accept being an under-bidder in a fair and transparent
sales process but believes that this was neither.
Given the seriousness of the allegations I have received I should therefore be grateful if you
would look into these matters urgently and I look forward to your prompt reply.

cc.
cc.

Minister of Finance Mr. Michael Noonan T.D., Department of Finance.
Mr Brendan McDonagh, Chief Executive, National Asset Management Agency.

 Ref: 13/2690/MF
0 ^

August 2013

The M inister for Finance, Mr M ichael Noonan TD, has asked me to refer to your letter o f the
30th of May 2013, which was addressed to Mr Frank Daly, Chairman in NAMA.
NAM A has advised that it has very clear rules regarding the open marketing o f loans and all
such sales are conducted in line with accepted international best practice. In line with this
practice, as part o f the formal loan sales process, potential purchasers are required to provide
an undertaking that they will not engage with the debtor or other obligors at any stage during
the sales process. Both debtors and potential purchasers are aware that the infringement of
agreed protocols or undertakings may have an im pact on N A M A ’s decisions as to whether
and to whom it sells a particular portfolio. Furthermore, where NAM A approves the sale of
any loan or approves the sale o f any secured property by a debtor, it requires a confirmation
that the purchaser is not connected to the debtor or other obligors.
NAM A has been established as a fully commercial agency to operate under the direction o f a
Board o f Directors by the N AM A Act. Section 221 o f the NAM A Act, makes it an offence to
communicate with NAM A with the intention o f influencing the making o f a decision in
relation to the perform ance o f its functions. It would therefore be inappropriate for the
M inister or his officials to attempt to influence commercial decisions o f the Agency.
W ith that in mind, I am informed by NAM A that they have also responded to your letter with
information which may help clarify the situation.
I hope this inform ation is o f assistance to you.

Alex Lalor
Private Secretary