Pearse Doherty (Donegal South West, Sinn Fein)
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Question 67: To ask the Minister for Finance if he will confirm that the Central Bank of Ireland guidelines published on 20 December, 2011 entitled impairment provisioning and disclosure guidelines will apply to the National Assets Management Agency for its reporting of its 2011 results; and if the guidelines do not apply to NAMA, if he will provide the reasoning for this position. [26305/12]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank guidelines published in December 2011 were for the financial institutions covered by the ELG scheme to follow in the development and application of their impairment provisioning frameworks. Under the NAMA Act 2009, NAMA is not regulated by the Central Bank and it follows that Central Bank guidelines do not apply to NAMA.

However, I am advised by NAMA that it has carried out a review of its impairment policy against the Central Bank guidelines and that NAMA is applying the relevant applicable principles.

In preparing its annual accounts and calculating any impairment charges, NAMA use international financial reporting standards (IFRS) which are consistent with the Central Bank guidelines.