Written Answers. - Parliamentary Debates - Houses of the Oireachtas

Questions— 14 February 2012. Written Answers
The procurement of external service providers is a matter for the management and board of
the institution. I have no role in the day-to-day commercial and operational decisions of the
banks, which include these matters. These decisions are taken by the board and management
of the institution. As the Deputy will be aware, notwithstanding the fact that the State is a
significant shareholder in the institution, the bank is run on a commercial arm’s length basis as
per the Memorandum on Economic and Financial Policies agreed with the EU Commission,
the ECB and the IMF.
In relation to costs incurred, the management and board of the institution are aware of their
duties to their shareholders to ensure that all costs incurred by the bank are necessary and
reflect the needs of the business.
National Asset Management Agency
162. Deputy Stephen S. Donnelly asked the Minister for Finance with regard to the recent
advertisement by the National Asset Management Agency for a company to provide management
services for a qualified investment fund, the estimated size of this fund, in value; the
assets, or asset types, that will be transferred to the fund; if loan and property valuations and
due diligence will be conducted on these assets before their transfer to the fund; the way the
funds will be marketed; the origin of this initiative, that is with a proposal from within NAMA
or from within the Department of Finance, or from elsewhere; the analysis that was conducted
prior to this decision; if he will release a copy of that analysis; and the rationale for the initiative.
[7874/12]
170. Deputy Pearse Doherty asked the Minister for Finance with respect to the establishment
of a qualified investment fund by the National Asset Management Agency, the scale of the
funds involved in this fund; which assets will be transferred to the fund; will the establishment
of this fund or transfer of assets to the fund involve more loan and property valuations and
due diligence before assets are transferred to the funds; the way the funds will be marketed; if
this will involve the taking on of more staff beyond NAMAs existing top-line 200 employee
claim; if this initiative emerged from within NAMA, the Department of Finance or another
body; if the initiative will prevent property coming onto the market and thereby prevent property
reach a clearing price and bottom; and if he will make a statement on the matter. [8131/12]
172. Deputy Michael McCarthy asked the Minister for Finance in relation to the qualified
investment fund being set up by the National Asset Management Agency, the type of assets
that will be transferred to the fund; how large the funds will be; the way the funds will be
marketed; from whom the idea to establish the QIF came; and if he will make a statement on
the matter. [8149/12]
Minister for Finance (Deputy Michael Noonan): I propose to take Questions Nos. 162, 170
and 172 together.
I am informed by NAMA that it is currently tendering for Investment Management, Custodian
and Fund Administration services with a view to establishing a Qualifying Investment Fund
(QIF). Preparations are currently being made by NAMA to obtain the requisite regulatory
approval and to set in place the appropriate governance and operational arrangements with a
view to establishing a number of such funds during 2012.
The proposal emanated from within NAMA and has received approval in principle from the
NAMA Board. NAMA advises me that the analysis which was presented to the Board contains
commercially sensitive information and it has no plans to publish it.
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