Tuesday, 23 April 2013

Questions (197)

Pearse Doherty

Question:

197. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 272 on 29 January 2013, the reason it has taken nearly two years for the Financial Regulator to validate the process of the transfer of tranches 3 and 4 to the National Assets Management Agency where the par value of the loans was €19.2 billion and the NAMA acquisition was completed in June 2011. [18451/13]

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Written answers (Question to Finance)

While I cannot comment on the work undertaken by the Financial Regulator, as the Deputy will be aware the validation process is complex and the work is essential to ensure that the European Commission guidelines ensuring full transparency in relation to state aid are complied with. I am advised that the process to have the final tranches validated is in its final phase and will be concluded shortly; at that point my Department will be in a position to apply to the European Commission for its full approval.