Dáil Éireann Debate, Wednesday - 19 December 2012
96. Deputy Michelle Mulherin asked the Minister for Finance if a company (details supplied) has won the contract to value Treasury Holdings UK and Irish assets on behalf of the National Assets Management Agency; if so, the value and the duration of the contract; and if he will make a statement on the matter. [57355/12]
View answerI am advised by NAMA that there is not, nor has there been any such contract between NAMA and the firm concerned. NAMA advises that the Deputy is most likely referring to the Independent Business Review (IBR) that was carried out in respect of all debtor business plans from 2010. NAMA advises that Deloitte was one of a number of firms appointed, following a competitive public procurement tender process, to its IBR panel and that in June 2010 Deloitte was selected from this panel to independently review the Treasury Holdings business plan. NAMA advises that Deloitte completed this work in October 2010. NAMA advises that, as with any other IBR firm, it was a matter for Deloitte to determine where they sourced the property expertise required to complete the assignment. Typically, the input required from property specialists in IBR assignments was to comment on the debtor’s asset strategies as submitted in the draft business plan and to put forward their own expert views on asset strategy and the optimal timing of any proposed sales. NAMA is satisfied that Deloitte had sufficient property expertise available to them to complete this assignment in Ireland and overseas and understands that they engaged separate property advisors for each country. Any property expertise employed by Deloitte involved a contractual arrangement between them and the two separate property advisory firms concerned and NAMA was not a party to such contracts. The fee payable by Deloitte to secure such expertise was a matter between them and the firms concerned.
