Pearse Doherty (Donegal South West, Sinn Fein)
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Question 154: To ask the Minister for Finance under what section of the National Assets Management Agency Act is NAMA undertaking to re-finance the €3.06 billion sovereign bond issued to IBRC. [18268/12]

Michael Noonan (Limerick City, Fine Gael)
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On 29 March 2012 a direction was issued by me under section 14 of the NAMA Act 2009. It directed that NAMA adopt all reasonable measures to facilitate the short-term financing, in the amount of circa €3.060 billion, of Irish Bank Resolution Corporation Limited. This was to be achieved by entering a transaction on appropriate commercial terms, collateralised by an appropriate Irish Government bond with a maximum duration of 90 days. The power of NAMA to engage in this transaction is provided for in section 12(2)(r) of the NAMA Act 2009. A copy of this direction was laid before both Houses of the Oireachtas on the same day. I am satisfied that this transaction is necessary for the achievement of the purposes of the Act and that it is within the existing powers and functions of NAMA. The relevant purposes are those set out Section 2(b) of the NAMA Act 2009 and in particular sub-paragraphs (i), (ii), (iii), (iv) and (vii).