Michael Noonan (Limerick City, Fine Gael)
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There are sufficient provisions in the NAMA legislation to ensure appropriate accountability to me as the Minister for Finance and to the Oireachtas. The NAMA legislation provides for various reporting mechanisms that underpin the accountability of the Agency to the Oireachtas, including:

section 59 which 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 have appeared before the Joint Committee on Finance and the Public Service and the Public Accounts Committee when requested to do so; and

the requirement that NAMA must submit annual accounts which are audited by the Comptroller and Auditor General. The Committee of Public Accounts may examine NAMA on these audited annual accounts.

Outside of this statutory reporting, the Chairman of NAMA has reported to me on a number of occasions since my appointment as Minister in March. Furthermore, I have also met with the full NAMA Board.

I expect NAMA to comply to the maximum extent possible with the commitment in the Programme for Government, which states that there will be the highest standards of transparency in NAMA's operations. A dedicated unit in my Department liaises on a daily basis with NAMA, ensures that the Agency's operations are consistent with Government policy and advises me in relation to developments. In the circumstances as outlined above I do not see any immediate need to make further appointments to the NAMA Board, although I will keep this situation under continuing review.