Catherine Murphy (Kildare North, Independent)
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238. To ask the Minister for Finance the audit and oversight procedures to which the National Asset Management Agency is subject; if he is aware of any instances where the agency's internal audit procedures uncovered fraud or criminality in relation to loans acquired by the agency which had been contracted though forged documentation and credentials presented to former lenders; if so, if he will provide details of same, including the total amounts concerned; and if he will make a statement on the matter. [24739/15]

Michael Noonan (Limerick City, Fine Gael)
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NAMA is subject to statutory audit by the Comptroller and Auditor General (C&AG) and internal audit by PwC (formerly by Deloitte. NAMA provides a significant level of disclosure regarding its audit functions and accountability in its Annual Reports.  The Deputy may be interested to review the following sections of NAMA's Annual report for 2014, available on NAMA's we bsite, which provides a rich source of information regarding NAMA's audit and oversight procedures:

-  pg.  54:  Report by the Chairperson of NAMA's Audit Committee

-  pg.  64:  NAMA's Statement on Disclosure and Accountability

-  pgs. 69-73:  NAMA's Statement on Internal Financial Control

-  pgs. 74-75:  The C&AG's Report for presentation to the Houses of the Oireachtas (Audit Opinion)

I am advised by NAMA that in the course of its management of acquired loans, there have been a small number of cases where a claim has been made alleging, amongst other things, forgery.Where such a claim is made, the matter is fully investigated in conjunction with the bank from which NAMA acquired the loans and which completed the loan documentation, and appropriate actions are taken. 

I am further advised that in the very small number of cases involved, NAMA's security position in respect of the assets securing its loans is in no way impacted.  In so far as there could be an issue, any resolution would ultimately have to be determined by the Courts.  NAMA cannot prejudice the outcome of any such future proceedings and so is not in a position to provide details of any individual cases.  NAMA has not written down any debt to date as a result of this. 

To the extent any such claims arise, they are fully investigated by NAMA.  To the extent the Deputy is aware of any such cases, I would encourage her to bring them to the attention of NAMA and the relevant authority in order that they too can be investigated thoroughly.