National Asset Management Agency

Dáil Éireann Debate, Tuesday - 17 July 2012

Tuesday, 17 July 2012

Questions (111)

Pearse Doherty

Question:

115 Deputy Pearse Doherty asked the Minister for Finance further to reporting in a Sunday newspaper of documents disclosed under the freedom of information legislation, if he will confirm if he or his Department passed on to the National Asset Management Agency the representations reportedly made in May 2011 to the Government by Mr. Paddy McKillen; if he will confirm if these representations were available to NAMA; and, if so, if they were material to the decision announced by NAMA in July 2011 to refrain from acquiring further loans connected to Mr. Paddy McKillen. [35120/12]

Written answers

Minister for Finance (Deputy Michael Noonan)

I can remind the Deputy that under the NAMA Act it is a matter for the Board of NAMA, taking account of legal advice available to it, to determine whether certain loans be acquired or not and the procedures to be adopted if it does decide to acquire. In the case identified by the Deputy, I am advised by NAMA that Mr. McKillen'ss views on the acquisition of his loans were well known to its Board in July 2011 when it decided not to acquire his loans and the loans of companies associated with him. In reaching its decision not to acquire the loans, the Board had regard to section 84 of the NAMA Act 2009. The Board was aware of the content of materials produced by Mr. McKillen and either published, placed before the Courts in his legal actions or submitted by him directly to NAMA or to other parties, including my office, and which were then forwarded to NAMA.