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National Asset Management Agency

Dáil Éireann Debate, Tuesday - 12 June 2012

Tuesday, 12 June 2012

Ceisteanna (119)

Pearse Doherty

Ceist:

210 Deputy Pearse Doherty asked the Minister for Finance further to the publication of the special report by the Comptroller and Auditor General, which shows that the National Asset Management Agency paid €4.86 billion more than the acquired loans were worth by reference to November 2009 values, and further to the publication of the unaudited NAMA accounts for 2011 which show that NAMA has booked a cumulative impairment charge of €2.3 billion, and in view of the fact that commercial and residential property indices in Ireland indicate declines of 20%-plus since November 2009, his views on whether NAMA’s accounts show a true and fair view of the financial standing of the agency, even if the accounts comply with relevant accounting standards. [27940/12]

Amharc ar fhreagra

Freagraí scríofa

"True and fair" is terminology associated with Irish GAAP. The IFRS requirement under International Accounting Standard 1 (paragraph 19) is that the financial statements "present fairly" an entity's financial position, financial performance and cash flows. I am advised that the financial statements of NAMA are prepared in full compliance with IFRS, the internationally recognised accounting benchmark. A team of auditors from the Office of the Comptroller and Auditor General are embedded in NAMA and conduct rigorous audits of the accounts of NAMA.

I await the receipt of the finalised and audited annual accounts of NAMA for 2011.

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