Pearse Doherty
Question:101. Deputy Pearse Doherty asked the Minister for Finance to direct the National Asset Management Agency to cease sales to vulture funds; and if he will make a statement on the matter. [8109/16]
View answerTuesday, 26 April 2016
Questions (101)
Written answers
I wish to clarify my role, as Minister for Finance, in relation to NAMA and the powers of direction afforded to the Minister under the NAMA Act 2009. Under Section 14(1) of the NAMA Act 2009 "[t]he Minister may give a direction in writing to NAMA concerning the achievement of the purposes of this Act". Section 2 of the NAMA Act 2009 outlines its purposes.
NAMA has a well established mandate, under Section 10 of the Act, to achieve the best possible return to the Irish State by protecting, enhancing where possible, and ultimately realising the value of assets it has acquired. In order to achieve the maximum return to the taxpayer, NAMA was established as an independent commercial body under the direction of an independent board. As such, I do not have a role in NAMA's commercial decisions and, moreover, the NAMA Act safeguards NAMA's independence to pursue its objectives, while also being accountable to the Minister and the Oireachtas.
I would point out to the Deputy that NAMA is operating within its mandate, and is progressing its objectives, as required by the NAMA Act 2009. Therefore, I do not propose to issue a direction, regarding the achievement of the purposes of the Act, at this time. I would also contend that a move to exclude any class of market participants would, in fact, be counter-productive to NAMA achieving its overriding mandate of securing the maximum possible return to the Irish taxpayer.