Dáil Éireann Debate, Tuesday - 18 September 2012
295. Deputy Pearse Doherty asked the Minister for Finance in respect of interest rate hedging arrangements, if the National Asset Management Agency has, pursuant to section 87 of the NAMA Act, excluded liability arising from the misselling of such arrangements when it acquired loans from the participating institutions. [38514/12]
View answerI am informed by NAMA that, as regards derivative transactions acquired from the participating institutions, it is aware of no instances where liability might arise as a result of alleged misselling by the institutions concerned. However, NAMA informs me that, if any such cases should emerge as a result of investigations currently underway by the UK Financial Services Authority, NAMA has scope under Section 93 of the Act to claw back from the participating institutions any potential shortfall that might result to NAMA.
