Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if the European Commission has approved the valuations and transfers of loans from the participating institutions to the National Asset Management Agency, that were the subject of tranches three and four which had a book value of €19.2 billion and were transferred to NAMA in June 2011 and tranche five which has a book value of €27.6 billion which was transferred to NAMA in March 2012; if the European Commission has not provided its full approval; and the reason for the delay. [4364/13]

Michael Noonan (Limerick City, Fine Gael)
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I wish to reassure the Deputy that there has been no delay in dealing with the final tranches of loans acquired by NAMA. The Deputy may be aware that following the completion of NAMA’s due diligence of acquired loan assets, the Financial Regulator of Ireland carries out its own independent validation of the transfer process. This was also done in the case of the earlier tranches and is in line with European Commission guidelines designed to ensure there is full transparency in relation to state aid. I am advised that in relation to the final tranches, this validation work will be concluded shortly and at that point my Department will be in a position to apply to the European Commission for its full approval.