Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank the Deputies for their contributions. It has been helpful to have this debate because very serious allegations have been made about the activities on the purchaser side of this sale. It is unfortunate that a number of Deputies have decided to conflate the purchaser side with the NAMA side. A number of investigations are under way regarding these allegations as the Minister for Finance, Deputy Noonan, outlined last night.

This debate has also provided an opportunity to set out the factual position in relation to the sales process conducted by NAMA. Let me reiterate the comments made by the Minister, Deputy Noonan, last night regarding the role of NAMA and the oversight of the Comptroller and Auditor General and the Committee of Public Accounts. In accordance with section 10 of the NAMA Act, NAMA is obliged to operate in a commercial manner and to achieve expeditiously the best financial return for the taxpayer. It is a function of NAMA, pursuant to section 11 (1)(d)(i) to dispose of loans or portfolios of loans in the market for the best achievable price. It is by design that NAMA is held accountable to these objectives by the Oireachtas through the Committee of Public Accounts and the Comptroller and Auditor General, which oversee the work of NAMA.

I welcome that as part of its upcoming third triennial review of NAMA under section 226 of the NAMA Act, the Comptroller and Auditor General will perform a value for money review of NAMA sales and will evaluate the sale of the Northern Ireland loan portfolio as a matter of priority. The Comptroller and Auditor General is best positioned to independently review this transaction from a value for money perspective. Deputies have spoken about independence and the Comptroller and Auditor General is an independent, constitutional office. I would rather not play the role of Comptroller and Auditor General because I respect the independence of that office, which is a constitutional office, and I do not understand why others cannot do likewise.

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