Michelle Mulherin (Mayo, Fine Gael)
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Question 76: To ask the Minister for Finance the number of firms of solicitors that are on the National Asset Management Agency panel of solicitors; and if he will make a statement on the matter. [35790/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 77: To ask the Minister for Finance the number of firms of solicitors that have received work from National Asset Management Agency since they were appointed to the panel; and if he will make a statement on the matter. [35791/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 78: To ask the Minister for Finance the firms of solicitors that have received work from National Asset Management Agency since the panel of solicitors was established; and if he will make a statement on the matter. [35792/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 79: To ask the Minister for Finance the number of cases that have been referred by National Asset Management Agency to those firms of solicitors who have received instructions from it in the past two years; and if he will make a statement on the matter. [35793/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 80: To ask the Minister for Finance the number of firms of solicitors on the National Asset Management Agency panel that have not yet received any instructions from it; and if he will make a statement on the matter. [35794/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 81: To ask the Minister for Finance the reason National Asset Management Agency has not used all of the firms of solicitors on the NAMA panel; and if he will make a statement on the matter. [35795/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 82: To ask the Minister for Finance the number of firms of solicitors in Connaught that are on the National Asset Management Agency panel; and if he will make a statement on the matter. [35796/12]

Michelle Mulherin (Mayo, Fine Gael)
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Question 83: To ask the Minister for Finance the work, if any, that has been given to solicitors on the NAMA panel in Connaught in the past two years; and if he will make a statement on the matter. [35797/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 76 to 83, inclusive, together.

I am advised by NAMA that a list of all tenders run by it and the results of the tenders are available on its website, www.nama.ie. NAMA operates three legal panels from which it procures services as and when required:

Legal Due Diligence Panel (Issue date: 31st of July 2009)

Enforcement and Refinancing Panel (Issue date: 31st March 2010)

Corporate Legal Services Panel (Issue date: 22nd September 2011)

The list of firms on each panel is available at www.nama.ie/procurement/.

It is not clear as to which Panel the Deputy is referring. On the presumption that the questions relate to the Legal Due Diligence Panel, NAMA advises that:

The appointment by the NTMA of the 64 legal firms to that legal panel was carried out in advance of the establishment of NAMA. It was made in contemplation of due diligence work which would be carried out by NAMA in respect of the acquisition of relevant bank assets from institutions participating in the NAMA scheme. At that time, the NTMA did not have a clear view of the resources that would be required to fulfil that task. Accordingly, it made clear that the making of any such appointment would not necessarily mean that a successful appointee would subsequently be engaged. This was specified in clause 3.1 of that agreement.

As it transpired, the vast bulk of loans (and corresponding debt exposures) acquired by NAMA were highly concentrated in a relatively small number of debtors whose secured lending arrangements were both complex and expansive. NAMA formed the view that it required the assistance of certain specialist firms on its panel who, in NAMA's view, had the resources, expertise and experience to deal with those arrangements. That is not to say, however, that NAMA only relied on such firms in the due diligence process. As the process progressed, NAMA engaged firms of all sizes and representing a geographic spread. However, it should be noted that over 90% of the property collateral securing NAMA loans was based in a small number of counties: Dublin, Cork, Galway, Limerick, Wicklow, Kildare, Meath and Louth.

While NAMA was aware of having the resources of the entire appointed panel at its disposal, it did not actually need to engage all on that panel for a variety of reasons. Amongst these, NAMA engaged a number of solicitors to work with it directly, in-house, in carrying out the legal due diligence function, which brought significant efficiencies and acquired knowledge within the Agency. NAMA also, in conjunction with the participating institutions, refined the due diligence process to enable NAMA to limit the legal resources it required.

The work for which this panel was formed is now substantially complete and those on the Panel will be notified of its termination in due course.

In relation to due diligence work carried out for NAMA from its inception to end-March 2012, please be advised of the following fees paid, which formed part of a response to a previous parliamentary question on the matter:

Due Diligence Costs Due diligence costs are costs that NAMA has incurred upon acquiring the portfolio of loans from the Participating Institutions. The Loan valuation model used by NAMA to acquire the loans makes an allowance for due diligence costs as a reduction from the acquisition value of the loans and as a result NAMA recovers the majority of its due diligence costs from the Financial Institutions .

a) Legal due diligence (from inception to March 31st 2012)

Legal due diligence costs are recovered from the Financial Institutions through a reduction in the acquisition value .

(Table A to be inserted here)

b) Property due diligence (from inception to March 31st 2012)

Property due diligence costs are recovered from the Financial Institutions through a reduction in the acquisition value.

(Table B to be inserted here)

c) Loan Valuation and related due diligence (from inception to March 31st 2012)

Loan valuation and related due diligence costs are recovered from the Financial Institutions through a reduction in the acquisition value.