Michelle Mulherin (Mayo, Fine Gael)
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60. To ask the Minister for Finance if he will set out the strategies, policies and the proposed use of resources the National Asset Management Agency will embark upon in the next 12 months; and if he will make a statement on the matter. [18812/14]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy may be aware that, under Section 53 of the NAMA Act 2009, NAMA is required to submit to me, before end-September in each year, an annual statement setting out its proposed objectives, activities, strategies, policies and proposed use of resources for the subsequent financial year. NAMA's Annual Statement for 2014, which was submitted to me in September 2013, is available on its website, .I am advised that NAMA's Annual Statement for 2015 will be submitted to me in September 2014 and I expect that it will laid before the Dáil and published shortly thereafter.

The Deputy may also be aware that I am required, under Section 227 of the Act, to conduct an assessment, every five years, of the extent to which NAMA is making progress towards achieving its overall objectives. The first such Section 227 review is currently underway. In the context of my Departments review, I have asked NAMA to evaluate their disposal timing and strategy in the context of current market demand and explore the advantages and disadvantages of accelerating its disposal strategy. 

I am advised that the NAMA Board is currently reviewing its asset disposal projections and the timeframe over which it can expect to repay its liabilities which currently are in excess of €21 bn and I expect to have discussions with the NAMA Chairman and Chief Executive in the near future as regards the outcome of the Board's deliberations.

Michelle Mulherin (Mayo, Fine Gael)
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61. To ask the Minister for Finance if he will confirm that all loans taken over by the National Asset Management Agency have been audited by the European Commission in relation to acquisition values; and if he will make a statement on the matter. [18813/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, as part of the EU State aid approval process for the NAMA Scheme, which was approved by the Commission on 26 February 2010, the Irish authorities committed to notify each tranche of transferred bank assets to the Commission under EU State aid rules. Tranche 1 (N331/2010) and Tranche 2 (N529/2010) of the NAMA loans were approved by the European Commission in 2010.

In September 2010, it was agreed to expedite the final tranches. I am advised by my officials that a report was submitted on Tranches 3-9 to the European Commission on the 4 April 2014 and we are awaiting their decision on the matter. I do not envisage any issues with the approval process.