Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
Link to this: Individually | In context

Question 27: To ask the Minister for Finance the steps that have been taken to date to make the National Assets Management Agency more transparent. [25628/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The National Asset Management Agency is subject to a high level of public accountability compared to other commercial semi state bodies, reflecting the fact that it is managing a significant financial exposure on behalf of the Irish taxpayer. The NAMA Act 2009 makes the Agency accountable in a number of ways, including laying its annual report and audited financial statements before the Houses of the Oireachtas. The Chairman and Chief Executive are also accountable to the Committee of Public Accounts and other Oireachtas committees and give evidence to committees whenever required to do so.

In addition to its annual accounts, however, NAMA is also required to submit the Minister for Finance an Annual Statement setting out its proposed objectives for the following year, the scope of activities to be undertaken, its strategies and policies and its proposed use of resources. NAMA is also required to report to me on a quarterly basis giving detailed information about its loans, its financing arrangements and its income and expenditure. I am obliged to lay such reports before the Oireachtas.

I am advised that NAMA's accounts are comprehensively audited by the Comptroller & Auditor General, who has a permanent team of officers based in the Agency with unrestricted access to all its records and files. The process of loan valuation and acquisition is also being audited by the European Commission. The Management of loans by NAMA was also subject to a special report of the C&AG and that will be published very soon.

I am advised by NAMA that its Annual Report will be published within the next two months and will be a full and detailed account of its 2011 operations and results.

NAMA also makes itself available regularly to meet with Oireachtas members to discuss aspects of its work and strategy. It has a dedicated resource in place to facilitate correspondence and general enquiries from public representatives which the Agency advises is working very satisfactorily (oir@nama.ie).

Under the NAMA Act, the C&AG can conduct special reports into NAMA's operations and I can also request ad hoc reports in such form as I require.

Given all of the above, I feel NAMA's operations are currently sufficiently transparent.