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

My officials and I have no concerns about the meetings with Cerberus. The meetings were publicly disclosed. The Comptroller and Auditor General raised no issue with the meetings. The Committee of Public Accounts raised no questions about the meetings during our appearances, yet criticism of these meetings was conjured up by the Committee of Public Accounts at the last minute. That is a criticism I cannot accept.

Regarding NAMA, many of the judgments in the report regarding the agency have been well rehearsed in the context of the Comptroller and Auditor General's report. I recognise that the report of the Committee of Public Accounts does not claim that NAMA made a "probable loss", as was asserted in the Comptroller and Auditor General's report. This is a very important fact. I have stated consistently that I support the work of NAMA. I have confidence that the board of NAMA is achieving its commercial mandate in accordance with the NAMA Act. I have also consistently stated that I respect the Office of the Comptroller and Auditor General. My position regarding both bodies is unchanged following the publication of the report of the Committee of Public Accounts. The NAMA Chairman and CEO are both dedicated public servants who have worked in the public interest throughout their distinguished careers. Neither is a stranger to defending his own position.

In the time available, I do not propose to address every aspect of the report of the Committee of Public Accounts. However, it is notable that NAMA has disputed the suggestion in the report that an alternative monetisation strategy would have delivered a better financial outcome.

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