Joan Burton (Dublin West, Labour)
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Question 217: To ask the Minister for Finance the statutory powers he plans to exercise to achieve the delegation of powers and banking functions from his Department to the National Treasury Management Agency; the statutory powers that he plans to delegate to the NTMA; and if he will make a statement on the matter. [12596/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The passage of the NAMA legislation provided me with an opportunity to further consider the division of work between my Department and the NTMA as a result of the demands of the banking crisis. On 19 March the National Treasury Management Agency Act 1990 (Delegation of Banking Functions) Order 2010 which sets out certain banking functions to be delegated to the NTMA was laid before each House of the Oireachtas.

The main functions to be delegated to the NTMA are the negotiations with the covered institutions on their capital needs and the management of the Minister for Finance's shareholding or other interests in the credit institutions. A related direction to the NTMA makes it clear that they are to play a lead role in these matters, working in close consultation with my Department and with the Central Bank and Financial Regulator.

As Minister for Finance I will continue to be fully responsible and accountable to the Oireachtas and my Department will necessarily remain closely involved with banking and financial services issues.