Ireland National Asset Management Agency Deferred Mortgage Initiative
Dear Competition (COMP),
Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:
The Decision of the Competition Commissioner approving the Irish National Asset Management Agency (NAMA) scheme - "the scheme" - whereby homes are sold with buyers protected against 20% declines in property values over a five year period.
Documentation and responses to queries provided by NAMA to the Commission in relation to the scheme
Documentation and responses to queries provided by the Irish Competition Authority to the Commission in relation to the scheme
Documentation and responses to queries provided by the government of Ireland and its agencies to the Commission in relation to the scheme
Copies of representations made by any party, including financial institutions, to the Commission in relation to the scheme
Yours faithfully,
Jagdip A. Singh
ACKNOWLEDGEMENT OF RECEIPT
Dear Sir,
Thank you for your e-mail dated 11/05/2012. We hereby acknowledge receipt of your application for access to documents, which was registered on 11/05/2012 under reference number GestDem 2012/2341.
In accordance with Regulation (EC) No 1049/2001 regarding public access to European Parliament, Council and Commission documents, your application will be handled within 15 working days. The time limit will expire on 6/06/2012. In case this time limit needs to be extended, you will be informed in due course.
Kani Karava
European Commission
Competition DG - Document management and procedures
Rue de la loi, 200 B-1049 Brussels
Office : J-70 03/38
Tel.: +322/295.71.72
Fax: +322/298.72.26
Email: [email address]
<<...>>
Dear Sir, Dear Madam,
Please find enclosed doc. 2012/057781
Kind regards,
COMP State Aid Registry
European Commission
J-70, Office 3/225
70, Joseph II Street - 1049 Brussels
[1][email address]
References
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1. mailto:[email address]
Dear Sir,
Please find enclosed doc. 2012/066264.
Kind regards,
COMP State Aid Registry
European Commission
J-70, Office 3/225
70, Joseph II Street - 1049 Brussels
[1][email address]
<<...>>
References
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1. mailto:[email address]
Dear Competition (COMP),
Thank you for you letter of 27th June, 2012 which I have studied.
Further to the concluding section of your letter “6. Means of Redress” I write today, confirming my initial request and asking that the position set out in your letter be reviewed.
I also wish to take this opportunity to set out the grounds for believing the subject matter to be of “overriding public interest”
The Irish National Asset Management Agency (NAMA) was set up as part of the Irish state’s response to the banking and property sector collapses in 2008. NAMA has acquired €74bn of property-related loans for which it has paid €32bn, by reference to a valuation methodology agreed with the European Commission. NAMA has confirmed that its loans are associated with 13,200 dwellings in the Republic of Ireland. NAMA valued its loans by reference to property values on 30th November 2009. Since then, the official state index shows a 30% decline in residential property values. NAMA has an over-riding objective of maximising the financial returns on the loans it has acquired, and further, NAMA has stated its principal aim is to recover what it paid for the acquired loans.
Given
(a) NAMA’s objectives
(b) NAMA’s significant control over Irish residential property
(c) The price paid by NAMA for its loans, which was referenced to values on 30th November, 2009
(d) The 30% average decline in Irish residential property prices since November 2009
There is a concern that NAMA will act in such a manner as to artificially distort residential property prices, so as to boost property prices and facilitate NAMA in meeting its objectives.
In the quarter ended 31st March, 2012, the Irish Banking Federation has reported that 2,213 mortgages were provided in the Republic of Ireland for house purchase. In addition 417 mortgages were provided for equity release and top-ups on existing mortgages. NAMA’s pilot offers 115 residences for sale with its scheme and says it will roll the scheme out to 750 residences, which makes the scheme potentially significant in the context of total Irish mortgage lending.
I would therefore submit to you that the request for the documentation in this matter does meet the test of there being an “overriding public interest” because the NAMA scheme is potentially significant in the Irish market, NAMA’s portfolio of property is significant in the Irish market and the fact that property has declined in value by 30% on average since NAMA acquired the underlying loans alongside NAMA’s objectives, provides a basis for at least suspecting that NAMA may become a hostage to fortune and seek to manipulate pricing so as to meet its financial objectives.
With many thanks in advance for your time and consideration,
Yours sincerely
Jag Singh
EUROPEAN COMMISSION
Competition DG
Brussels, date of email
Acknowledgement of receipt
SA.33585(2011/CP) - Alleged unlawful use of State aid by the Irish
National Asset Management Agency
Subject : Internal review of access to information request - Ireland
National Asset Management Agency Deferred Mortgage Initiative
Sir/Madam,
The Directorate-General for Competition has received your correspondence
dated 2012-06-27 (Registration: 2012/069573), concerning the subject
referred to above.
DG COMP Registry
if you have any question or problem, please contact the Registry at
[1][email address]
References
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1. mailto:[email address]
Dear Sir,
Thank you for your e-mail dated 27/06/2012, registered on 29/06/2012 [Ares(2012) 787204].
I hereby acknowledge receipt of your confirmatory request for access to documents : Gestdem 2012/2341.
In accordance with Regulation 1049/2001 regarding public access to European Parliament, Council and Commission documents, you will receive a response to your request within 15 working days.
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.
Dear Mr Singh,
Kindly find herewith a letter concerning your confirmatory application for
access to documents (gestdem 2012/2341).
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.
Dear Mr Singh,
Kindly find herewith a letter concerning your confirmatory application for
access to documents (gestdem 2012-2341).
Yours sincerely,
Paul SIMON
Unit SG.B.5, Transparency
European Commission
Dear Competition (COMP),
Further to your letter of 9th August 2012 - that is, three and a half months ago - I write to remind you that you are well beyond the 15 day deadline for an extension.
Please can you advise me precisely when you will reply to the request.
Yours faithfully,
Jagdip A. Singh
Dear Mr Singh,
Thank you for your e-mail of 23 November 2012 concerning your confirmatory
application for access to documents Gestdem 2012-2341.
Unfortunately, we have not yet been able to take a final decision in this
matter. This is due to on-going internal consultations with the services
involved. The final decision will be taken by the Secretary General in the
name of the College on the resolution of the internal consultations.
However, I can assure you that we are doing all we can to provide you with
a response as soon as possible. .I would also like to stress that this
delay, in reality, does not imply a refusal and an explicit decision will
be delivered soon.
Yours sincerely,
Maria Isabel Alvarez Cuartero
'Accès aux documents'
European Commission
SG/B/5 - Transparence
BERL 05/296
B-1049 Brussels/Belgium
Dear Competition (COMP),
Because I have not heard back from you, and my request for documents is now 7.5 months old, I have today initiated a complaint with the Ombudsman.
I would respectfully continue to urge you to comply with the request.The request is not going away.
Yours faithfully,
Jagdip A. Singh
Dear Competition (COMP),
I would like to make a confirmatory application regarding my request for documents.
Might I respectfully point out that consulting a third party on third party documents to assess whether to release them does not mean that the opnion of the third party is binding upon the EU institution and that you may go ahead with a decision if you do not
receive any reply from the third party,
Yours faithfully,
Jagdip A. Singh
From: SG ACCES DOCUMENTS
Sent: Thursday, May 02, 2013 6:36 PM
To: [FOI #131 email]
Subject: Your confirmatory application for access to documents under
Regulation (EC) N° 1049-2001 - GESTDEM 2012-2341 - SINGH
Dear Mr Singh,
Kindly find the answer to your confirmatory application concerning your
request for access to documents pursuant to Regulation (EC) N° 1049/2001
regarding public access to European Parliament, Council and Commission
documents (gestdem 2012-2341).
Yours sincerely,
Paul SIMON
Unit SG.B.5, Transparency
European Commission
Dear Mr Jagdip A. Singh,
Kindly find the answer (1/2) to your confirmatory application concerning
your request for access to documents pursuant to Regulation (EC) N°
1049/2001 regarding public access to European Parliament, Council and
Commission documents (gestdem 2012-5362).
Yours sincerely,
Paul SIMON
Unit SG.B.5, Transparency
European Commission
Dear Mr Singh,
Kindly find the answer (2/2) to your confirmatory application concerning
your request for access to documents pursuant to Regulation (EC) N°
1049/2001 regarding public access to European Parliament, Council and
Commission documents (gestdem 2012-5362).
Yours sincerely,
Paul SIMON
Unit SG.B.5, Transparency
European Commission
Dear Mr Singh,
Kindly find the answer (2/2) to your confirmatory application concerning
your request for access to documents pursuant to Regulation (EC) N°
1049/2001 regarding public access to European Parliament, Council and
Commission documents (gestdem 2012-5362).
Yours sincerely,
Paul SIMON
Unit SG.B.5, Transparency
European Commission
Dear Mr Singh,
Kindly find the documents of the answer (2/2) to your confirmatory
application concerning your request for access to documents pursuant to
Regulation (EC) N° 1049/2001 regarding public access to European
Parliament, Council and Commission documents gestdem 2012-5362 – Part.I.
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.
Dear Mr Singh,
Kindly find the documents of the answer (2/2) to your confirmatory
application concerning your request for access to documents pursuant to
Regulation (EC) N° 1049/2001 regarding public access to European
Parliament, Council and Commission documents gestdem 2012-5362 – Part.I.
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.
Dear Mr Singh,
Kindly find the documents of the answer (2/2) to your confirmatory
application concerning your request for access to documents pursuant to
Regulation (EC) N° 1049/2001 regarding public access to European
Parliament, Council and Commission documents gestdem 2012-5362 – Part.II.
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.
Dear Mr Singh,
Kindly find the documents of the answer (2/2) to your confirmatory
application concerning your request for access to documents pursuant to
Regulation (EC) N° 1049/2001 regarding public access to European
Parliament, Council and Commission documents gestdem 2012-5362 – Part.II.
Yours sincerely,
Carlos Remis
SG.B.5.
Transparence.
Berl. 05/329.