Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There are strong accountability requirements under the NAMA Act, and they have been implemented since the Act became law. The activities of NAMA are reviewed as I described, that is, in accordance with the Act.

The Committee of Public Accounts is reviewing the value-for-money report produced by the Comptroller and Auditor General into Project Eagle. In the normal process of the committee's work, its inquiries will be followed by a report and that report will have recommendations. If the committee decides that accountability has to be increased, I am sure that will be reflected in its recommendations.

I envisage a similar process will be followed if there is a commission of inquiry. One investigates first, then one draws conclusions and makes recommendations. If the recommendations require additional accountability, of course I will be amenable to accepting them.

When one compares NAMA to any other commercial State agency, it has a higher level of accountability. Every Deputy knows that the Comptroller and Auditor General has staff embedded in NAMA who work in it for perhaps ten months of the year. They have access to all paperwork and transactions.

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