Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I set out to explain it in detail previously when, unfortunately, I took up some of the Deputy's time. The purpose of the Minister's empowerment to issue directives is to fulfil the purposes of the Act. I am excluded as Minister, as was my predecessor, from any involvement in commercial decisions made by NAMA. That is the line of division. There are circumstances where a Minister may direct to protect the taxpayer's interests and I did that in the last directive I signed when there were negative interest rates. When interest rates went below zero, it was impossible for NAMA to continue with its practice and I empowered it to set a zero rate. We can send the Deputy the technical papers, but it is simply an example of where the Minister, me in this case, acted in accordance with the law in issuing a directive under the NAMA Act to protect the taxpayer. It was in that type of policy issue I was involved.

I can outline it another way. The Deputy might put herself in my shoes in March 2014 when I could not act arbitrarily or on a whim. I could not act because, for example, I did not like someone. What evidence did I have that I would be protecting the taxpayer in stopping the sale when the advice from NAMA was that there was sufficient competitive tension to get the best price possible for Project Eagle in proceeding with the remaining people who were interested?