Gerry Adams (Louth, Sinn Fein)
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Question 144: To ask the Minister for Finance if all contracts for professional services entered into by the National Assets Management Agency and IBRC are open to public tender; and if he will make a statement on the matter. [18204/12]

Michael Noonan (Limerick City, Fine Gael)
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NAMA as a contracting authority is subject to the European Communities (Award of Public Authorities' Contracts) Regulations 2006 and therefore applies these rules when seeking to enter public contracts. I am advised by NAMA that for any contracts that fall outside the scope of the Regulations, the Agency adopts a competitive process designed to achieve value for money. I am advised by IBRC that it has an established, Board approved, Group Procurement Policy in accordance with best practice, which observes certain procurement requirements insofar as is practicable given the commercial realities of a bank. This Group Procurement Policy necessitates that once a requirement to award a contract for a good or service has been identified, and once an approved budgetary provision has been established, the requirement should go through a formal procurement process. IBRC is not subject to legal obligations in respect of public procurement. I am advised by IBRC that it has taken legal advice on this matter.