Written answers

Wednesday, 8 July 2009

Department of Finance

Freedom of Information

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour)
Link to this: Individually | In context

Question 67: To ask the Minister for Finance if he will extend the scope of the Freedom of Information Act 1997 to cover the Central Bank, the Financial Regulator, the State Claims Agency, the National Treasury Management Agency, including the National Pension Reserve Fund and the National Asset Management Agency, as recommended by the Information Commissioner; if he will bring forward amending legislation to this effect; and if he will make a statement on the matter. [27961/09]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

Given the significant pressure on the Central Bank and Financial Services Authority of Ireland (CBFSAI) at this time, arising from the financial crisis and the operation of the Bank Guarantee Scheme, and the significant change in the financial regulatory framework as proposed by Government, it is not considered that this would be the most appropriate time to consider the possible extension of the FOI Act to that organisation. Also significant issues relating to the confidential and commercial sensitivity of much of the information within the possession of that organisation, the international framework of its operations and its role in maintaining and protecting the financial stability of the State would have to taken on board in any such consideration of this matter.

With regard to the National Treasury Management Agency and the National Pensions Reserve Fund Commission I do not propose to extend FOI to these bodies for reasons of commercial sensitivity. In relation to the Agency's role as the State Claims Agency, most of its work is covered by legal privilege and it is considered that a partial application of FOI to the State Claims Agency would not be warranted.

In the case of the National Asset Management Agency (NAMA), it is not yet established as a statutory body although it is my intention to publish legislation later this month. It will of course be necessary to bear in mind that NAMA will have a commercial mandate to obtain maximum value for the taxpayer and, to achieve this objective it will be required to enter into complex commercial negotiations with financial institutions and developers, the nature of which will require in many instances a high degree of commercial confidentiality.

Comments

No comments

Log in or join to post a public comment.