Oireachtas Joint and Select Committees

Wednesday, 18 September 2024

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance

1:30 pm

Ms Aileen Gleeson:

That is probably more of a drafting question. At the moment, the policy intention is that any residual activity will transfer to the resolution unit in the NTMA. The provision under head 9 refers to what is already in the NAMA Act, which limits or constrains where the assets can move at the eventual dissolution of NAMA. For completeness in the draft, at this point we included transfers to the resolution unit here, whereas, in reality, this proposed legislation provides for that. We are in consultation with the Parliamentary Counsel as to how that will be drafted but the policy intention is that any residual activity will transfer to the resolution unit. This relevant part of the NAMA Act currently allows for surplus funds to be transferred to the Exchequer, which is why that is included here.

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