Dáil Éireann Debate, Wednesday - 18 April 2012
142 Deputy Gerry Adams asked the Minister for Finance if any of the legal firms advising the National Asset Management Agency is also advising any individuals or companies which are engaging in litigation against NAMA. [18202/12]
View answerI am advised by NAMA that it has established three panels of legal firms to advise it on various aspects its business, including legal due diligence associated with the loan acquisition process, enforcement and corporate legal services. In view of the relatively small size of the Irish legal sector, it is possible that some of these firms also provide services to individuals or companies whose interests could include litigation against NAMA. I am advised that large professional firms typically work for a variety of clients and operate procedures to ensure that potential or actual conflicts of interest are identified and managed. Measures taken by firms include the creation of ethical barriers, more commonly referred to as Chinese Walls, between different divisions of a firm to avoid conflicts of interest. Any professional services firm which supplies services to NAMA is under a continuing obligation to notify NAMA of any potential or actual conflict of interest that may arise.
Section 45 of the NAMA Act 2009 deals with professional standards in the provision of services to NAMA by expert advisers and service providers and I am assured by NAMA that this is being complied with. NAMA have also advised me that it is satisfied that in all cases involving the provision of such services potential conflicts of interest have been avoided or have been appropriately managed.
