Lucinda Creighton (Dublin South East, Fine Gael)
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Question 59: To ask the Minister for Finance the action he is taking to ensure that National Asset Management Agency is accountable to the taxpayer; and if he will make a statement on the matter. [41618/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The issue of oversight and NAMA accountability was debated extensively during the NAMA Bill and there are substantial provisions on accountability in the NAMA legislation. Section 59 of the NAMA Act 2009 makes provision for the Chairperson and CEO of NAMA to appear before a Committee of the Oireachtas, if requested to do so, which is examining matters relating to NAMA. The chief executive of the NTMA and the chief executive of NAMA appeared before the Joint Committee on Finance and the Public Service on Tuesday, 13 April 2010.

The Act also provides that NAMA must submit annual accounts. These will be audited by the Comptroller and Auditor General and the Committee of Public Accounts may examine NAMA on these audited annual accounts. I understand also that both the Chairperson and CEO of NAMA are to appear before the Public Accounts Committee on Thursday 18 November 2010.

NAMA is also obligated to report on a quarterly basis and section 55 makes extensive provision for quarterly reporting on a wide range of matters, including details in relation to loans. These reporting arrangements allow for transparent reporting to the extent that it does not breach the obligation placed on the agency to respect the confidentiality of customers.

The most recent quarterly report was published on 02 November and showed NAMA to have recorded a profit of €6 million for the second quarter to 30 June 2010. Copies of the quarterly reports were laid before each House of the Oireachtas as required by the NAMA Act 2009.