Tuesday, 17 July 2012

Questions (112)

Pearse Doherty

Question:

116 Deputy Pearse Doherty asked the Minister for Finance following the statement by the CEO of the National Asset Management Agency at the Committee of Public Accounts hearing on 5 July 2012, in which he stated that for 2011, the loan balances net of impairment approximately €25.5 billion and the fair value of approximately €25 billion; and if he will explain the reason NAMA’s fair value, as a proportion of the carrying value, is considerably higher than the fair value of loans shown by Allied Irish Banks, Bank of Ireland and Irish Life & Permanent in their respective 2011 annual reports. [35125/12]

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Written answers (Question to Minister for Finance)

I am advised by NAMA that further information in respect of the fair value of financial statement assets and liabilities as at 31 December 2011 will be provided in NAMA's 2011 Annual Report which will be published later this month. The fair value of loans shown by Allied Irish Bank, Bank of Ireland and Irish Life and Permanent in their 2011 annual reports is a matter for the directors of each respective company. I may remind the Deputy that any fair value process will be subject to both qualitative and quantitative dimensions that can differ between organisations and for differing assets.