Ms Ann Nolan:

First of all, I do not think there is anything in the Act about process, other than that the board of NAMA has the right to decide on whatever process it likes. There is a requirement that the agency gets best value for money but that is separate. The Act does not say anything about a fully open process, a half open process or any other kind of process. It says that the board sets down the process.

That is what the Act states on that point.

In terms of getting value for money, one can get very pedantic on what constitutes a fully open process. As the Chairman said, that is probably a question for Mr. Frank Daly. From the point of view of the Department, it is more important to have a competitive process with the maximum number of credible bidders than to have advertised it, etc. In reality, it is entirely a matter for the board, as set out in the Act.