Mick Wallace (Wexford, Independent)
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63. To ask the Minister for Finance his plans to initiate a section 227 review of NAMA, with regard to the achievement of NAMA’s purposes under the NAMA Act 2009, in view of the recent commencement of the commission of investigation into NAMA and Project Eagle; and if he will make a statement on the matter. [29319/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I have a specific obligation to review and assess NAMA's activities under Section 227 of the NAMA Act.  The establishment of a Commission of Investigation does not alter this obligation, nor my intention to carry out such a review in due course.

The Deputy will be aware that Department of Finance officials previously prepared a report under Section 227, addressing the period to year end 2013 which was published in July 2014.  The report assessed the extent to which NAMA had made progress toward achieving its overall objectives and whether the continuation of NAMA was necessary for the purposes of the Act.  The report concluded that NAMA had made significant progress in achieving its overall objectives, and based on its performance and financial projections in light of the strength of investor interest in Ireland, was well positioned to achieve its overall objectives and so continued to be necessary.

In the context of this report, consideration was given to various strategic alternatives that may facilitate NAMA achieving and ideally surpassing its objectives.  The Section 227 Review is available on the Department of Finance website via the following link: .

The NAMA Act determines that a Section 227 Review is carried out as soon as may be after 31 December 2012, and every 5 years after that while NAMA continues in existence.  Therefore, I expect the next Section 227 report to cover the period to year end 2018.  This review will assess the extent to which NAMA has made progress toward achieving its overall objectives and determine whether NAMA remains necessary having regard to the purposes of the Act.  Given NAMA's progress to date and expectations of continued progress toward achieving its overall objectives, I anticipate that this next Section 227 report will give consideration to various strategic alternatives regarding NAMA's orderly wind down once NAMA has completed its work. 

As you are aware, Section 227 of the NAMA Act also allows the Minister to at any time require NAMA to report to him or her regarding progress with regard to the achievement of NAMA’s purposes.  I retain the ability to undertake such a report if I determine that a review of NAMA is required to cover a period before year end 2018.