Dáil Éireann Debate, Tuesday - 13 March 2012
158 Deputy Gerry Adams asked the Minister for Finance if a company (details supplied) was appointed to a National Asset Management Agency legal adviser panel on 4 January 2012; if the company was at the same time advising Treasury Holdings; his views on whether a conflict of interest occurs; if he was informed of these appointments when they occurred; and if he will make a statement on the matter. [14041/12]
Amharc ar fhreagraThe appointment of this firm to the Corporate Legal Services Panel was announced publicly on the agency's website on 3 January 2012. I am advised by NAMA that this particular firm had in fact been long-standing legal advisors to Treasury Holdings. I am further informed that the firm ceased acting for Treasury Holdings in January 2012 when Treasury Holdings decided to take legal action against NAMA.
In view of the relatively small size of the Irish legal sector, it is a fact that many NAMA debtors will have worked with legal advisors who also do work with NAMA. I am advised that large professional firms typically work for a variety of clients and operate procedures to ensure that potential or actual conflicts of interest are identified and managed. Measures taken by firms include the creation of ethical barriers, more commonly referred to as Chinese Walls, between different divisions of a firm to avoid conflicts of interest. Any professional services firm which supplies services to NAMA is under a continuing obligation to notify NAMA of any potential or actual conflict of interest that may arise.
Section 45 of the NAMA Act 2009 deals with professional standards in the provision of services to NAMA by expert advisers and service providers. In particular, Section 45(c) provides that NAMA should ensure that each expert adviser or service provider should make "every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to NAMA". I am assured that NAMA in this, as in all cases involving the provision of services, is satisfied that any potential conflict of interest has been appropriately managed.
159 Deputy Gerry Adams asked the Minister for Finance if he will provide a list of all those who are on the National Asset Management Agency legal advisory panel. [14042/12]
Amharc ar fhreagraI am advised by NAMA that there are three separate legal panels from which NAMA procures legal services. These are:
Corporate Legal Services Panel (established 3 January 2012);
Legal Diligence Services Panel (established 28 November 2009);
Certain Legal Services Panel (established 29 October 2010).
The names of all companies on these panels are listed on the National Asset Management Agency's website at the following address: www.nama.ie/procurement
