Written answers

Tuesday, 27 September 2011

Department of Finance

Departmental Bodies

9:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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Question 114: To ask the Minister for Finance if he will provide details of the secondees currently working in the National Assets Management Agency; the duration of their contracts; the amount that NAMA pays for their services; the firms the secondees come from; the amounts payable to individual firms; if he will confirm if NAMA also uses these firms for paid consultancy work; if so, the firms that are used; the amount they have earned for consultancy work; and if NAMA has taken any steps to ensure that firms which do not supply secondees are not unfairly disadvantaged by NAMA's relationships with firms that provide secondees. [25973/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am informed by NAMA that there are currently three secondees working on short-term assignments of less than 3-months duration in the Agency. It is NAMA's practice to use secondees only on short-term specialist assignments where this is the most cost-effective option available. One of the three is on secondment from the Housing and Sustainable Communities Agency examining NAMA's database regarding stock suitability for social housing.

The other two have been provided to NAMA by Knight Frank property consultants and Olswang, a leading UK law firm. The Knight Frank secondee is assisting with processing the final property valuation reports and the Olswang secondee is a specialist UK banking solicitor.

The cost of procuring the services of the secondees is a confidential commercial matter between NAMA and the firms concerned but I understand that they are being provided to NAMA on a cost recovery basis.

Knight Frank is one of 24 firms on the Real Estate Valuation Panel, all of which have received work from NAMA. It has also been appointed as receiver for 9 properties owned by Derek Quinlan. Olswang is one of 31 firms on the 42-firm Enforcement and Re-financing Panel to have received work from NAMA.

NAMA advises me that those firms which do not supply secondees are not disadvantaged, given the small number of secondees required by the agency.

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