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

First of all, as I have said several times, I have no commercial role in the activities of NAMA. Consequently, I would not know what its process was in disposing of one asset against another. I also think that section 12, which I read out, gives the discretion to the NAMA board to change the process in any particular sale. It is wrong to think that there was a standard process that was universally applied.

Under section 9 of the Act, NAMA is independent, as I have said before, but if one looks at sections 57 and 58, it is the Comptroller and Auditor General's responsibility to decide process, not the Minister's.