Dáil Éireann Debate, Thursday - 3 December 2009
13 Deputy Thomas P. Broughan asked the Minister for Finance if he has had contact from a bank (details supplied) regarding the possible participation of another bank in the National Asset Management Agency; if so, his plans to accept the application; and the amount of the £15 billion quarantined loans he plans to incorporate into the NAMA scheme. [44859/09]
Amharc ar fhreagraNAMA has not yet been established and it would be inappropriate for me at this stage to comment on whether particular institutions will apply for designation.
Should any credit institution decide to apply for designation as a participating institution, it will do so under Section 62 of the Act, which provides that credit institutions may apply for designation as participating institutions. The relevant provisions dealing with the designation of participating institutions are in Section 67 of the NAMA Act 2009. This sets out the criteria to be taken into account by me, after consultation with the Governor of the Central Bank and the Financial Regulator, when designating applicant institutions as participating institutions. Under Section 67(2), to be designated as a participating institution:
the institution must be systemically important
the acquisition of bank assets from the institution must be necessary to achieve the purposes of the Act, having regard to the support available or received by the applicant institution, the financial position of the applicant institution and the resources available to me as Minister for Finance.
the applicant institution must have complied with all relevant obligations under the Act.
