Mick Wallace (Wexford, Independent)
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276. To ask the Minister for Finance his views on the fact that the 2014 National Asset Management Agency's Annual Report does not mention industry performance metrics, despite the fact that it promised the Oireachtas Committee of Public Accounts that it would do so; and if he will make a statement on the matter. [28601/15]

Michael Noonan (Limerick City, Fine Gael)
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I refer the Deputy  to page 41 of NAMA's Annual Report and Financial Statements for 2014, which is available from the NAMA website at and which contains a section called "Rate of Return Benchmark". 

In this section NAMA notes that during 2014 the NAMA Board approved an Entity Return on Investment (EROI) target benchmark of 20%. The project EROI return as at end-2014 was 24%.

The EROI benchmark is calculated based on the comparison of NAMA's projected terminal  surplus/(deficit) position, as per latest forecasted cashflows, with NAMA's initial investment, as adjusted to exclude the €5.6 billion in state aid which NAMA was required to pay to the Participating Institutions.