Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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119. To ask the Minister for Finance in the context of the Siteserv issue and the serious questions raised regarding the disposal of assets, debt write-downs and the management of large loans in the Irish Bank Resolution Corporation, his views that there is a need for a review or an investigation of the same issues in the National Asset Management Agency, in Allied Irish Banks and in other publicly owned banks and institutions; and if he will make a statement on the matter. [24598/15]

Michael Noonan (Limerick City, Fine Gael)
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In response to significant public concerns, and to focus the review on the transactions that have led to the significant public concerns, a Commission of Investigation into certain decisions, transactions and activities entered into by IBRC has now been established.

As the Deputy will be aware, the Terms of Reference of the Commission of Investigation into IBRC were debated in Dáil Éireann on Tuesday 9 June 2015 and Wednesday 10 June 2015. Both Houses of the Oireachtas have approved these terms of reference. An Taoiseach, as the Specified Minister for the Purposes of the Commissions of Investigation Act 2004, would have the statutory power to amend the terms of reference of the existing Commission of Investigation.

In my view, the establishment of the Commission of Investigation into certain transactions in IBRC that have been the cause of significant public concern, does not necessitate a review into transactions in NAMA, AIB and the other publicly owned banks and institutions

When it comes to NAMA, for example, it is important to point out that NAMA is already subject to a high level of public accountability compared to other commercial bodies, including commercial bodies in the State sector.  

Importantly, NAMA's accounts are comprehensively audited by the Comptroller and Auditor General (C&AG), who has a permanent team of officers based in the Agency with unrestricted access to all its records and files, including all records and files relating to transactions. If there is concern about a specific aspect of NAMA's work, it is within the power of the Comptroller and Auditor General to scrutinise any aspect of it.  The Comptroller and Auditor General has already produced three special reports on NAMA's activities and they have been broadly positive in their assessment of how NAMA is managing its complex business. 

NAMA is also subject to scrutiny by the Oireachtas, including the Public Accounts Committee.

In addition, NAMA's clear and well stated policy is that properties and loans that are for sale are openly marketed. This ensures a competitive and transparent sales process and the best possible financial return for the taxpayer.

In relation to AIB, BOI and PTSB, which are publically listed companies, no basis has been established for their inclusion in the Investigation.  Each of these banks have an independent board and management teams with independent powers of decision which operate at arm's length to the State. The board of each of these banks retains full responsibility and necessary authority for all of the operations and business of the banks in accordance with its legal, fiduciary and prudential duties to all stakeholders and for ensuring strict compliance with the regulatory and legal obligations of the bank.

Finally, it is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation, therefore, in these circumstances it would be inappropriate for me to comment further in respect of the Terms of Reference already approved by both Houses of the Oireachtas.