Mick Wallace (Wexford, Independent) | Oireachtas source

According to the NAMA Act, the overall objective of NAMA was to bring stability to the banking system by removing impaired loans from bank balance sheets; it was never set up to make a profit. It would have to get back over €74 billion to make a profit. The Minister is saying the EU directive requires that certain companies, including NAMA, must be audited by a statutory auditor within the meaning of the directive. The NAMA Act states the Comptroller and Auditor General is the statutory auditor and I take it we are allowing the Act to be overruled by the directive. The directive's requirements relate to certain companies, including NAMA. Obviously, it does not explicitly name NAMA. I am assuming, therefore, that the Department believes NAMA falls under the public interest entity provisions of the directive. A public interest entity, essentially, is a listed company which must trade on the EU stock market and is deemed to have public importance by an EU member state. Will the Minister tell me the exact methodology used in interpreting that NAMA falls within the description of a public interest entity? I am aware that NAMA may have bonds trading, but it is stretching it in defining it as a listed company on the stock market.

See this speech in context