Written Answers Nos. 107-114
107. Deputy Pearse Doherty asked the Minister for Finance in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the controls NAMA has in place to ensure that the provision of loan advisory services by Ernst and Young is not compromised as a result of the alleged unauthorised disclosure of information. [40288/12]
View answer108. Deputy Pearse Doherty asked the Minister for Finance in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the number, original book value, sales status, sales value, sale completion dates of loan portfolios that in relation to which NAMA has engaged Ernst and Young to provide loan advisory services. [40289/12]
View answerI propose to take Questions Nos. 107 and 108 together.
I understand that there has been full co-operation between NAMA and Ernst & Young in the investigation of this matter.
More specifically to your question, I am advised by NAMA that it has not to date deployed the firm of Ernst & Young as an adviser on potential loan sales transactions.
NAMA further advises that when making an appointment from the loan sales advisory panel, it is normal practice to invite three firms from the framework panel to participate in a mini-tender so as to minimise the transaction cost to NAMA. Before receiving any detailed information relating to the particular transaction involved, firms are required to confirm that they have no conflict of interest. A breach by any firm under this requirement would result in that firm’s disqualification from future assignments awarded by NAMA and would clearly give rise to significant reputational issues for the firm concerned.
109. Deputy Pearse Doherty asked the Minister for Finance in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the number of companies to which Ernst and Young has been appointed as receivers at the behest of NAMA. [40290/12]
View answer110. Deputy Pearse Doherty asked the Minister for Finance in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, if he will provide the value of disposals made by Ernst and Young of assets to which NAMA had that company appointed as receiver. [40291/12]
View answerI propose to take Questions Nos. 109 and 110 together.
I am advised by NAMA that it has appointed Ernst & Young as receiver to 18 separate corporate entities across four NAMA debtor connections. I am advised that, to date, no asset realisations have taken place under these appointments. I understand that Ernst & Young was appointed by a syndicate of banks as administrator to Battersea power station and that NAMA recovered full debt through the sale of this asset.
111. Deputy Pearse Doherty asked the Minister for Finance when the National Asset Management Agency expects to make an appointment for the provision of investment management services for its proposed qualified investments funds, the tender for which was issued on 25 January 2012 with a closing date for bids of 6 March 2012. [40292/12]
View answer112. Deputy Pearse Doherty asked the Minister for Finance when the National Asset Management Agency expects to make an appointment for the provision of custodian and fund administration services for its proposed qualified investments funds, the tender for which was issued on 3 February, 2012 with a closing date for bids of 15 March 2012. [40293/12]
View answer113. Deputy Pearse Doherty asked the Minister for Finance when the National Asset Management Agency expects to launch its first qualified investment fund; the anticipated value of the QIF; the nature of the assets that will be managed by the QIF; and how the QIF will be marketed. [40294/12]
View answerI propose to take Questions Nos. 111 to 113, inclusive, together.
I am advised that NAMA, for and on behalf of the QIF, will make an announcement shortly as to the outcome of the tender competitions for investment manager and for custodian and fund administrator.
I am further advised by NAMA that the Qualifying Investor Fund (QIF) is expected to be launched, subject to regulatory approval, at the end of 2012. NAMA advises that the QIF will publish a prospectus which will set out the subscription process for QIF shares. Investment in the QIF will be limited to qualifying investors (as defined by the Central Bank rules).
114. Deputy Pearse Doherty asked the Minister for Finance if he has plans to introduce legislation to give effect to so-called Real Estate Investment Trusts in NAMA; and if he has, the timetable for the introduction of such legislation. [40295/12]
View answerI wish to inform the deputy that the introduction of Real Estate Investment Trusts (REITs) legislation is being kept under review by my Department. I am aware of NAMA’s interest in this structure as another option in monetising its portfolio.
