Joan Burton (Dublin West, Labour)
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Question 130: To ask the Minister for Finance the length and value of the contract retaining a firm (details supplied) as legal advisers to the National Asset Management Agency; his views on potential conflict of interest issues as a result of the award of this contract in view of the existing client base of the firm; and if he will make a statement on the matter. [25658/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The contract between the interim NAMA and the firm in question is a commercial contract. As such it is subject to commercial confidentiality. I cannot comment on the terms and conditions.

The procurement process for this contract was conducted through www.etenders.gov.ie which is the website for Irish public tenders. I am advised that the process was fully compliant with public procurement procedures. Following a detailed evaluation of the various proposals received, the most economically advantageous bid was accepted.

In an economy the size of Ireland's it is not unusual that one of the larger financial or legal advisers has to deal with potential conflicts of interest arising from their representation of more than one client in the same sector. The company in question has provided assurances that where potential conflicts arise they are dealt with through the application of well established 'Chinese Wall' structures which are overseen by their compliance department. These 'Chinese Walls' operate as information barriers which ensure that any advice given is confidential and is provided by a team which is segregated from and independent of their work for other clients.