Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Deputy is correct that the NAMA legislation lays out the objectives by which NAMA must ensure any transaction meets certain criteria. However, deeming whether the criteria are met is work for NAMA and it then has a relationship with the Comptroller and Auditor General on the oversight of its operations. That is where the key statutory oversight facility is. It is with the Comptroller and Auditor General. I will have to revert to the Deputy on the nature of correspondence or communication, if any, between my Department and NAMA but it will be in line with the relationship I described to her earlier. Furthermore, in relation to the application of section 172, I understand that NAMA has been engaged in correspondence with the Committee of Public Accounts and the Comptroller and Auditor General on this project. As part of this correspondence, NAMA has advised the committee that it undertook a review of the written confirmations and warranties received pursuant to this section in respect of the Project Nantes loan sale in 2012. NAMA advises that these written confirmations and warranties confirm that the borrower and purchaser were compliant with the requirements of the 2009 NAMA Act. NAMA also stated that following inquiries it had raised, it has been established that the party who has been identified as a director of the purchaser entity was not a NAMA debtor.

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