Stephen Donnelly (Wicklow, Independent)
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277. To ask the Minister for Finance the role the National Asset Management Agency advisory board had in the production of the recent review into NAMA. [34258/14]

Stephen Donnelly (Wicklow, Independent)
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278. To ask the Minister for Finance the work undertaken by the National Asset Management Agency advisory board in 2014; if he will provide its predicted cost for the 12 months of 2014; if he will further provide an assessment of the continuing relevance and value of the board; and if he has any plans to terminate it.; and if he will make a statement on the matter. [34259/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 277 and 278 together.

I met with the Chair of the Advisory Group on one occasion in 2014. It is also open to the Chair to contact me as issues arise.

As previously stated, the group's advice to me primarily relates to the strategy of NAMA as proposed by the board of NAMA; the remuneration of the senior executives of NAMA and any further advice that I may seek on any matter relating to NAMA. The group operates on an informal basis and reports directly to me.

Michael Geoghegan, in his role as a member of the Advisory Group, was also consulted by my officials in the context of the Section 227 Review of NAMA.  Mr.  Geoghegan provided my officials with valuable insights and feedback in relation to certain aspects of this review.  I would again like to thank Mr. Geoghegan for his contribution to the Section 227 Review of NAMA.

Given the progress of NAMA to date and in light of the conclusions reached through the Section 227 Review, the work of the NAMA Advisory Group has come to an end and the group has been disbanded.  The advisory group has played a valuable role and I am satisfied it has served its purpose effectively.  I would again like to extend my gratitude to Michael Geoghegan, Denis Rooney and Frank Daly for their time and effort in supporting me through their work on the Advisory Group. The knowledge, expertise and advice the Group has provided during this very important time in Ireland's economic history has been very valuable.

In light of the fact that the Advisory Group will not meet again, I anticipate the total costs relating to the NAMA Advisory Group for 2014 will be below €10,000.