Pearse Doherty (Donegal South West, Sinn Fein)
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Question 40: To ask the Minister for Finance the amount the National Assets Management Agency currently holds in cash reserves. [22250/12]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by NAMA that at the end of March 2012 it held cash and liquid investments (principally short-term government securities) of €4.6 billion. At my direction NAMA entered into a re-purchase agreement with the Irish Bank Resolution Corporation Limited whereby it advanced €3.06 billion to IBRC on a short-term basis. This agreement has a maximum duration of 90 days. Having adjusted for this temporary re-purchase agreement, NAMA currently holds cash and liquid investments of €1.54bn.

Pearse Doherty (Donegal South West, Sinn Fein)
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Question 41: To ask the Minister for Finance the process that was observed in making an appointment to the board of the National Asset Management Agency on 7 March 2012, following the receipt of 24 applications up to the 6 March 2012. [22251/12]

Michael Noonan (Limerick City, Fine Gael)
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Part 2, Chapter 2 of the NAMA Act, 2009 governs appointments to the Board of NAMA and grants me the authority to appoint seven Board Members. In line with Government arrangements for appointments to State boards and bodies expressions of interest in respect of vacancies on the Board were invited via the website of my Department in February 2011. However, it should be noted that under the Government arrangements Ministers are not confined to those who make expressions of interest, as long as all appointees are relevantly qualified.

The appointment of John Mulcahy to the Board of NAMA was recommended to me by Frank Daly, Chair of NAMA and his appointment by me was consistent with a key recommendation in the Geoghegan report that I should introduce greater property skill sets to the Board. Expressions of interest received will be assessed as part of my consideration of appointments to the remaining vacancy on the NAMA Board.