Mary Hanafin (Dún Laoghaire, Fianna Fail)

The issues of reporting and accountability were discussed during the debate on the National Asset Management Agency Bill. At the time the Minister made it clear that he was in favour of effective Oireachtas oversight of the work of NAMA. For that reason he ensured substantial provisions were included in the NAMA Act to provide for oversight by the Oireachtas. Further to the quarterly reports requirement included in section 55 - normally two reports per year - section 59 of the NAMA Act provides for the chairperson and CEO of NAMA to appear before a committee of the Oireachtas to examine matters relating to NAMA, if requested to do so. This provides for such an appearance at least four times per year in the first instance. The NAMA Act provides for NAMA to submit annual accounts to be audited by the Comptroller and Auditor General and for the Committee of Public Accounts to examine NAMA on the audited accounts. There are five opportunities. Substantial provisions are included in the NAMA Act providing for transparent reporting by NAMA and oversight by the Oireachtas. Arising from the debate on Committee Stage of the NAMA Bill, the Minister introduced an amendment to increase the requirement to report on a quarterly basis. Previously bi-annual reports were required. Section 55 makes extensive provision for quarterly reporting. It provides that NAMA shall make a quarterly report. The first quarterly report will be for the quarter ending 31 March 2010. It will be submitted to the Minister on or before 30 June 2010. He shall lay copies of the quarterly reports before each House of the Oireachtas and send a copy to the committee appointed by the Oireachtas to deal with NAMA. The Act provides that the quarterly report shall include a range of specified information and any further information the Minister for Finance directs. The Act also provides for NAMA to report on a range of matters, including details relating to loans. These reporting arrangements allow for transparent reporting that does not breach the agency's obligation to respect the confidentiality of customers.

The Senator proposes that all decisions by the Minister regarding the remuneration of board members should be approved by the Houses of the Oireachtas. Related issues were debated extensively during the passage of the National Asset Management Agency Act 2009 through the Houses of the Oireachtas and the Minister made it clear during those debates that he was in favour of the Oireachtas scrutiny. He had put in the provisions I have mentioned. He has indicated that he is willing to explore the way the role could be strengthened through the establishment of a dedicated Oireachtas committee or a sub-committee on NAMA. That can be achieved without an amendment to the legislation and, therefore, the Minister is not prepared to accept the amendment.

In light of the reasons outlined above, we will not accept the amendments because they are unnecessary. We have confidence in the robustness of the NAMA legislation and we will ensure the agency achieves its objective of achieving the optimum financial return for the State.