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

It is important to recognise that in no way has the integrity of NAMA or the NAMA board or the integrity of its decisions been brought into question, so I have no intention of directing NAMA to halt sales activities. To do so would irreparably damage NAMA's positive contribution to our recovery and damage our reputation as a credible, open and transparent market. By extension, any such interference would be detrimental to the interests of Irish taxpayers. In particular, it would likely: constitute the State taking direct control of NAMA and bringing NAMA debt onto the State's balance sheet; imply a U-turn for the Irish sovereign in the eyes of the rating agencies, the sovereign bond market and broader investor community, potentially increasing the cost of Government debt and damaging confidence in the recovery of our economy; raise competition concerns which may limit NAMA's ability to recover value for the State from its assets; reduce the surplus currently projected by NAMA to be returned to the Exchequer; and negatively impact NAMA's ability to fund the delivery of residential and commercial units on a commercial basis.

We must also remember that section 9 of the NAMA Act is unambiguous when it states that NAMA is independent in the performance of its functions. Section 12 of the Act bestows the NAMA board with the power to "sell or dispose of the whole or any part of the property or investments of NAMA, either together or in portions, for such consideration and on such terms as the Board thinks fit". Clearly, from the outset the Oireachtas agreed that political interference in NAMA's independent commercial activities was highly undesirable as such interference would render the agency incapable of carrying out its work on behalf of taxpayers and would cast a major shadow over NAMA's ability to achieve its objectives.

To return to the Deputy's specific question, the Comptroller and Auditor General has raised issues for further discussion, but he has not raised any systemic concern about NAMA and its operations. He has not suggested halting its activities. The opinions expressed by him in his report, on which there is public disagreement, are being examined by the Committee of Public Accounts. With representatives of NAMA, he is appearing before the committee today to discuss the report. The committee is the appropriate forum in which to consider his report and engage in the exercise of seeking public accountability in these matters. The Government recognises that it has its own responsibilities in all matters of public concern to do with the functions of an important public body such as NAMA. As the Deputy will be aware, the Taoiseach has met Opposition party leaders with a view to seeking agreement on issues of public concern that may require further investigation and the most appropriate nature and terms of reference of such an investigation. Subject to the outcome of these discussions, the matter will be the subject of a Dáil debate. The Government's objective is to ensure all matters of public concern will be addressed in a speedy and effective manner.

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