National Asset Management Agency

Dáil Éireann Debate, Wednesday - 13 June 2012

Wednesday, 13 June 2012

Ceisteanna (70)

Pearse Doherty

Ceist:

64 Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 67 of 6 June 2012, if the National Asset Management Agency will disclose in its 2011 annual report both the carrying value and fair value of its loans, as required under the Central Bank of Ireland’s Impairment Provisioning and Disclosure Guidelines; the reason NAMA did not provide this disclosure in its management accounts for the quarter ended 31 December 2011; and if he will make a statement on the matter. [28654/12]

Freagraí scríofa

Minister for Finance (Deputy Michael Noonan)

I am informed by NAMA that its 2011 annual report and financial statements, which is due for publication in July, will disclose the carrying value and fair value of its loans. NAMA advises that it is not required to follow the Central Bank guidelines. However, in preparing its annual accounts, NAMA uses international financial reporting standards (IFRS) which are consistent with the Central Bank guidelines and require NAMA to disclose the carrying value and fair value of its loans. In accordance with these reporting standards, NAMA disclosed the carrying value and fair value of its loans in its 2010 annual report and financial statements, see Note 20(a) to the financial statements, page 100, and will make a similar disclosure in its 2011 annual report and financial statements.

NAMA does not include these disclosures together with other additional disclosures required by IFRS in its quarterly unaudited management accounts, due to the time and expense which would be involved in preparing and presenting this additional information on a quarterly basis.