Michael McGrath (Cork South Central, Fianna Fail)
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Question 91: To ask the Minister for Finance if he will provide details, including the dates of the relevant Oireachtas committee meetings, of the oversight to date by the Oireachtas of the work of the National Assets Management Agency since its establishment; and if he will make a statement on the matter. [18146/11]

Michael Noonan (Limerick City, Fine Gael)
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The NAMA legislation provides for various reporting mechanisms that are designed to enhance the accountability of the Agency to the Oireachtas, such as: Provision for the Chairperson and CEO of NAMA to appear, if requested to do so, before a Committee of the Oireachtas which is examining matters relating to NAMA. NAMA's Chief Executive appeared before the Joint Committee on Finance and the Public Service on 13th April 2010 and, in conjunction with the Chairman of NAMA, appeared before the Public Accounts Committee on 18th November 2010 and on 13th January 2011. The transcripts of the discussions are available on the Oireachtas website.

NAMA is required to report on a quarterly basis on a wide range of matters, including details in relation to loans. I, as Minister for Finance, am required to lay these quarterly reports before each House of the Oireachtas. To date, four quarterly reports, in respect of each quarter of 2010, have been laid before the Oireachtas.

NAMA is required to prepare an annual statement, setting out the objectives and the projections for the performance of NAMA for the year, which I as Minister for Finance am required to lay before each House of the Oireachtas. The annual statement in respect of 2010 has been laid before the Oireachtas.

NAMA must submit annual accounts to be audited by the Comptroller and Auditor General. I, as Minister for Finance, am required to lay the audited annual accounts before each House of the Oireachtas. The Committee of Public Accounts may examine NAMA on these audited annual accounts. I expect to receive the first annual report with audited accounts in respect of 2010, shortly.

As Minister for Finance I will continue to insist on the highest standards of transparency in NAMA's operations. I have already met with the NAMA Board and explained that I expect the agency to comply with this commitment to the maximum extent possible, and that this is an issue which I will be following closely.