Brian Lenihan Jnr (Dublin West, Fianna Fail)

As the Deputy will be aware I have established a steering group to oversee the preparation of the National Asset Management Agency legislation in parallel with the practical preparations for the establishment of NAMA. Among the issues being considered by the steering group is the policy on the staffing of NAMA once established and the degree to which operations will be outsourced to service providers or participating institutions. The legislation will include provisions dealing with the staffing and providing for the operational costs of NAMA. The legislation will be published before the end of this month.

Mr. Brendan McDonagh, a director of the National Treasury Management Agency, was appointed as interim managing director in May of this year. Mr. McDonagh works in partnership with the steering group which contains representatives of the NTMA, my Department and the Office of the Attorney General in ensuring the implementation process is driven forward in the interim period, pending legislation. Mr. McDonagh is an employee of the NTMA and is one of its representatives on the steering group.

Pending legislation, NAMA preparatory work is subject to the same oversight as the NTMA and is being directed by the NAMA steering group, which reports to me. NAMA will be closely aligned with the NTMA and as a consequence NAMA will benefit from the positive international reputation of the NTMA. The precise nature of the relationship between NAMA and the NTMA will be provided for in the legislation and it would not be appropriate for me to comment further on the detail in advance of its publication.

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