Mr. Frank Daly:

On behalf of the NAMA board, I thank the committee for agreeing to our request to address it this morning and deal publicly with the allegations levelled against the agency. It was important to us that we get the earliest possible opportunity to do so and we appreciate the committee's quick response. This will be a very brief statement as I have just a few points to make.

On behalf of the board, I fully endorse the opening statement of the Accounting Officer. In particular, I assure the committee the NAMA board investigates every allegation of impropriety of which it becomes aware, whether the allegation relates to a NAMA staff member or a NAMA debtor. So far we have referred two complaints about former employees of the agency to An Garda Síochána pursuant to section 202 of the National Asset Management Agency Act which deals with unauthorised disclosure of confidential information. We have also referred two complaints under section 7 of the Act against NAMA debtors to An Garda Síochána for failing to provide accurate statements of affairs. All of these matters are under active investigation by the Garda.

I also assure the committee that the NAMA board has the utmost confidence in the robustness and propriety of the valuation process applied to loans. The Accounting Officer has outlined the very rigorous and independent approach taken and also the strong and independent oversight process.

We have spent much time this week considering the material that has been appearing about NAMA. It is obvious that a considerable effort has been put into compiling and circulating that material. It is also obvious to any disinterested observer that we are dealing with an organised campaign of misinformation. We have to ask why this is being organised. It is hard to avoid the conclusion that the objective must be to undermine the effectiveness of NAMA and, none too subtly, influence its decisions. On behalf of the board and all of the employees at the agency, I want it to be clearly understood that if this is a campaign designed to undermine NAMA, we will not be intimidated, influenced or distracted by the efforts of whomsoever may be behind it.

In this agency we have learned not to believe everything all of our debtors tell us. We verify what is presented to us. It would be very foolish of us not to do so. This week’s events suggest others, unfortunately, do not take the same basic precautions. It seems extraordinary to me that such unquestioning credibility has been given to a series of allegations about NAMA advanced, apparently, by an individual who is under investigation as a consequence of a formal complaint made about him by NAMA to the Garda Síochána. For NAMA, I make no claims that we should always be taken at our word without checking or verification. I have appeared before this and other committees many times and pointed to the huge levels of oversight built into the NAMA structure, a level of oversight which is unmatched by any financial institution or State body in this country. We have always welcomed that oversight, including asking the committee to invite us today. It is an essential part of reassuring taxpayers that we are doing our job properly.

I acknowledge the very strong support the agency has received this week from many stakeholders and all of our staff, whom I particularly thank. They do not deserve to have a shadow cast over their excellent work by these unsubstantiated allegations. I also acknowledge those individuals in the political and media sectors who resisted the temptation to rush to judgment and instead have taken a measured approach to these matters. NAMA will continue to serve the taxpayer and recover every achievable cent from every loan on its books. This does not make it popular in all quarters. In recovering money for taxpayers it is, by definition, taking it from debtors. The progress NAMA has made has been recorded. We hope to be back here in the New Year reporting another excellent year of results for 2013. We will continue to do our utmost to work on behalf of the people to the very best of our ability. In particular, the NAMA board is determined that the attempts to advance the agenda of people who want to discredit NAMA and profit at the taxpayer’s expense will not succeed.