Joan Burton (Dublin West, Labour) | Oireachtas source

I am not familiar with the details of the particular case the Deputy outlined. The issue of the oversight of NAMA and proper procedures is important because NAMA was, in effect, a kind of bad bank for the explosion that happened in the Irish property market when construction and the financing of it fell apart.

In regard to the arrangements made for NAMA, I suggest that if the Deputy has not already done so, he should submit a detailed question such as this to the Minister for Finance. I do not know whether any of these questions have been raised with NAMA or whether the Deputy has raised his concerns with NAMA. However, as the Deputy knows, the Comptroller and Auditor General has oversight of NAMA and closely oversees the work it does. When the arrangements regarding NAMA and the banks, following the collapse of the banks, were established, a decision made by the previous Government was followed by the current Government. That decision was that the governance and organisation of NAMA's affairs would not be run directly out of the Civil Service and, in particular, would not be run directly by politicians. I believe this was the correct decision and that it is better that it is run as a business.

NAMA was also set up with a specific legal structure which was debated at length in the House. This was further strengthened by the current Government in the context of oversight by the Comptroller and Auditor General. As the Deputy knows, the Comptroller and Auditor General reports directly to the Committee of Public Accounts, of which a member of the Opposition is Chairman and at which members of all groups and parties are represented. Any issues concerning NAMA are significant, but I do not have a direct answer for the specific query raised by the Deputy. The structure of oversight and governance, along with the Comptroller and Auditor General and the Committee of Public Accounts, seem the right avenue through which to address the issue.

I suggest the Deputy should get one of the Technical Group's representatives on the committee to raise the issue with the Comptroller and Auditor General. If the committee wishes, it should then examine the issue. In previous cases regarding issues arising in organisations, that mechanism has worked well.

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