Belfast Telegraph

Nama takes £370,000 in jewels, art and shares

By Peter Flanagan

Nama, the Republic's bad bank, has claimed nearly €500,000 (£370,000) in jewels, artwork and other items from borrowers it has moved against.

In response to a parliamentary question from Fianna Fail's Michael McGrath, the Republic's Finance Minister Michael Noonan said Nama had taken extensive action against debtors.

Mr Noonan told how he had "been advised by Nama that it has approved disposals by debtors and receivers of non-real estate assets with an aggregate value in excess of €486m (£360m)".

He added: "Such assets include shares and other investments as well as artwork, jewellery, fixed assets and other goods."

The agency has sought artwork and other non-property related assets before.

In 2013, it was reported that the agency had authorised the sale of art that had belonged to financier Derek Quinlan.

In November 2011, the agency apparently sold off the collection through Christie's in London for about €1.9m (£1m).

The items sold included works by Jack Yeats, Roderic O'Connor and Ivon Hitchens.

Two years later, the agency sold four more paintings that belonged to Mr Quinlan.

The works went under the hammer at a Christie's auction where they sold for £239,750.

That sale saw the paintings change hands for massive discounts compared to the price Mr Quinlan had paid for them originally.

One piece of art by Louis le Brocquy, titled Woman, made £28,750 - or less than half its estimated value in 2011.

Famously, the bad bank sought jewellery belonging to Mary McCabe - the wife of developer John McCabe. In February 2013, judge Peter Kelly granted orders to Nama appointing a receiver over the three items of jewellery of Mrs McCabe.

Nama now expects to make a profit of €2bn (£1.5bn) over its lifetime.

Belfast Telegraph