Written answers

Tuesday, 8 May 2012

Department of Finance

State Banking Sector

9:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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Question 147: To ask the Minister for Finance if he will set out, in respect of Government Departments, State controlled banks and State agencies, any contracts for the provision of services by a company (details supplied); if he will quantify the value of such contracts and set out the safeguards in place to avoid conflicts should that company set out to buy the assets of State controlled banks.. [22906/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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This information is not held centrally for all Government Departments. Accordingly I have copied the question to all other Departments who will respond directly to the Deputy (the Department of Defence and the Department of Justice & Equality have indicated that they have not made any such payments).

In respect of my own Department and the Offices, Agencies* and State-controlled banks under the aegis of my Department, the detail of a contract in place between the company in question and the National Treasury Management Agency is set out below.

The National Pensions Reserve Fund retains a contract with BlackRock Advisors (UK) Limited for the provision of passive equity investment management services. The contract was initially awarded to Barclays Global Investors in 2006 following the completion of a tender competition conducted under EU public procurement rules.

In December 2009 BlackRock announced that it had completed its merger with Barclays Global Investors. The merger did not result in any changes to the contract signed by the NTMA and Barclays Global Investors in 2006. Investment manager fees are based on volume of assets under management and are commercially sensitive. * For reasons of commercial confidentiality, the Central Bank is not in a position to provide this information.

With regard to the matter of conflict of interest, and safeguards - as the Deputy will be aware, under the Relationship Frameworks, the Boards of the Banks are run on a commercial basis and are responsible for the day-to-day management and operation of the respective institutions including the awarding of contracts and I have no role in this matter.

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