Following a complaint, the European Commission has assessed whether the Irish National Asset Management Agency (NAMA) has benefited from illegal State aid and whether it granted undue advantages to certain property developers. The Commission has concluded that NAMA did not breach EU State aid rules.
Commissioner Margrethe Vestager, in charge of competition policy, said: "We have carefully looked at allegations that NAMA's activities would distort competition in the Irish property development market. Our assessment shows that NAMA's activities did not breach EU rules - it has acted as a private operator would have done, and in line with its objective to obtain the best possible financial return for the State and Irish taxpayers."
In December 2015, the Commission received a complaint from five property developers. They alleged that NAMA distorts competition in the Irish property development market by granting loans at very favourable conditions to property developers, which are existing
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