Finian McGrath (Dublin North Central, Independent)
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Question 273: To ask the Minister for Finance if he will confirm that the National Asset Management Agency complies with EU state-aid law. [30793/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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On 25 February 2009, the European Commission provided guidance on the treatment of asset relief measures by Member States. The Commission considers that a common European approach is presently needed to deal with the treatment of impaired assets to ensure banks resume their normal function of lending to the economy. Guidelines were also issued by the European Central Bank on bank asset support measures.

The National Asset Management Agency (NAMA) initiative announced on 7 April, the details of which have been published in the National Asset Management Agency Bill 2009 that will be subject to a second stage debate today, has been developed within the common EU framework detailed in the European Commission Guidance and guidelines issued by the European Central Bank. My officials are engaged in ongoing consultations with the European Commission to ensure that the design and the implementation of the NAMA proposal will be consistent with EU State aid requirements.