NAMA's purpose and objectives are set out in the NAMA Act as established by the Oireachtas. NAMA's primary objective is, as per section 10 of the NAMA Act, to obtain the best achievable financial return for the State and to deal expeditiously with its assets in achieving this objective. The strategy which NAMA adopts in pursuing its objectives is a matter for the NAMA board.
As Minister, I do not have a role in NAMA's commercial decisions. However, while respecting NAMA's independence, I and my officials regularly engage with NAMA regarding its performance and strategy.
I maintain a regular dialogue with the NAMA chairman and receive appropriate updates regarding NAMA's ongoing progress and future plans. I have also met occasionally with the NAMA board, which provides me with an opportunity to share my views and understand the board's views.
My officials meet with NAMA executives on a monthly basis to discuss NAMA's current and expected performance.
In mid-2014, my officials produced a report under section 227 of the NAMA Act, assessing 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 the various strategic alternatives that may or may not facilitate NAMA achieving and ideally surpassing its objectives. This report is available on the Department of Finance website.
Extensive engagement around this report and ongoing regular engagement with NAMA has allowed my officials to form an independent view of NAMA's progress and the strategic options reflected in this report. This engagement continues and the ongoing consideration of strategic options naturally includes an element of challenge from both sides in evaluating the pros and cons of various strategies.