Willie Penrose (Longford-Westmeath, Labour)
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Question 65: To ask the Minister for Finance if it is legally possible for the national asset management agency to engage in its initial valuation work before the relevant legislation is enacted; and if he will make a statement on the matter. [18953/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Pending the establishment of NAMA on a statutory basis an interim Managing Director has been appointed and I will announce an Advisory Committee in the coming days. The establishment of NAMA and interim preparations will also be overseen by the NAMA Steering Group recently established by me and including representatives of my Department, the NTMA and the Office of the Attorney General.

I will be working closely with the interim NAMA Management to ensure that there is sufficient information available to them to undertake the initial valuation work required for the efficient establishment of NAMA. Valuations will build on the significant amount of work carried out on behalf of the Financial Regulator by PwC and Jones Lang LaSalle. The legal basis for preparatory work and the exchange of information is under the NTMA Act 1990 and the Credit Institutions (Financial Support) Act 2008. I will be seeking information from the covered institutions in relation to their current loan books to assist the NAMA project.

The establishment of NAMA on an interim basis will allow preparatory work to begin immediately with regard to developing valuation methodologies, developing initial contacts with the banks and identifying loans to be transferred. Specialist expertise, including valuation expertise, will be procured by the NTMA to ensure that the work to be done by NAMA when it is established is accomplished in the most efficient manner so as to safeguard taxpayers' interests.