Gerry Adams (Louth, Sinn Fein)

It was the Taoiseach who identified the conflict of interest and I am bringing it to public attention. That is what this question is about. NAMA has told me some of its senior management have links with 16 of the firms the agency selected to advise it on loans sales. That is the question.

It is interesting that since its foundation, NAMA has spent €27.5 million on legal fees, €2.5 million on accountancy fees and projected costs for 2012 are €200 million. It is also interesting that NAMA will be advancing €568 million to construction activity outside of this island. Two thirds of its assets are in this State but 50% of its cash advances will be spent in Britain, at a time when almost 500,000 people are on the dole and there are unfinished housing estates spread across every county. NAMA employs 100 developers, some of whom earn as much as €200,000 a year. Is this a conflict of interest and does it provide value for money? More importantly, is it in keeping with the commitments the Taoiseach gave to rectify the situation by establishing a public register and including the names of the creditors and the price paid by the taxpayer for the loans, in addition to the actions taken by NAMA? The question is whether there is a public register, if the names of the creditors are on it and the amount of taxpayers' money that is being spent.

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