Aengus Ó Snodaigh
Ceist:189 Deputy Aengus Ó Snodaigh asked the Minister for Finance to provide a list of the companies whose loans have transferred to the National Asset Management Agency [38580/10]
Amharc ar fhreagraWednesday, 27 October 2010
Ceisteanna (93)
Freagraí scríofa
I am advised by NAMA that, for two reasons, the names of any companies whose loans have transferred to NAMA may not be disclosed. The first reason is that companies and individuals whose loans have transferred to NAMA are entitled to have this information kept confidential. This is normal practice with regard to creditors and, as NAMA is stepping into the shoes of the bank from which the borrowings have transferred, it owes a duty to the borrower just as the bank did. Furthermore, Section 202 of the National Asset Management Agency Act 2009 specifically states that an officer of NAMA shall not disclose information that he or she knows or ought reasonably to have known is confidential information. Contravention of Section 202 constitutes a criminal offence. The second reason is that the Agency has a commercial remit and, if it is to maximise the return it makes for the taxpayer, it must be able to make agreements, transfers, sales, and so on without having its hands tied by a requirement to disclose commercially sensitive information publicly.
NAMA has reporting and accountability obligations which are set out in the legislation and these include the requirement to submit quarterly reports and an annual statement to the Minister for Finance, for laying before the Houses of the Oireachtas. The quarterly report contains information on the loans NAMA has acquired by sector, by geographical location, by status, etc. I currently am considering the second quarterly report, for the period to 30 June 2010, and I expect to lay it before each House shortly.