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 Header Item Written Answers Nos. 91 - 106
 Header Item Passport Applications
 Header Item Departmental Staff Data
 Header Item Insurance Coverage
 Header Item Fuel Rebate Scheme
 Header Item Pension Provisions
 Header Item Tax Code
 Header Item Tax Yield
 Header Item Tax Code
 Header Item Income Data
 Header Item Tax Credits
 Header Item NAMA Staff Unauthorised Disclosures
 Header Item NAMA Staff Unauthorised Disclosures
 Header Item NAMA Staff Unauthorised Disclosures
 Header Item NAMA Staff Unauthorised Disclosures
 Header Item NAMA Staff Unauthorised Disclosures

Tuesday, 25 September 2012

Dáil Éireann Debate
Vol. 775 No. 3

First Page Previous Page Page of 86 Next Page Last Page

Written Answers Nos. 91 - 106

Passport Applications

 91. Deputy Paul J. Connaughton Information on Paul Connaughton Zoom on Paul Connaughton asked the Tánaiste and Minister for Foreign Affairs and Trade Information on Eamon Gilmore Zoom on Eamon Gilmore if it is possible for two Irish citizens (details supplied) in County Galway who had their passports stolen in Bolivia ten days ago, to have new passports granted to them without having to return to here; and if he will make a statement on the matter. [40180/12]

Tánaiste and Minister for Foreign Affairs and Trade (Deputy Eamon Gilmore): Information on Eamon Gilmore Zoom on Eamon Gilmore Whereas it is necessary for the two Irish citizens to complete and submit applications for new passports, it is not necessary that the individuals return to this country to submit the applications. In respect of the individuals involved, application forms can be obtained from The Consulate of Ireland, Pasaje Gandarillas No 2667, Esq. Macario Pinilla, Sopocachi La Paz, Bolivia, Telephone: +591 2 2421408. The Honorary Consul will accept the completed applications and will return the printed passports once received. For the purposes of mitigating against the risk of attempting to steal the identity of the two individuals concerned, some evidence of identity will have to be provided. The Honorary Consul can advise on acceptable evidence.

It should be noted that it will take some time before the new passports are available in the Consulate. If the individuals require to travel at shorter notice then an emergency travel document can be obtained. However, it should be noted that the primary purpose of this document type is to enable those in difficulty to travel home, and, additionally, it is not possible to transit through the United States of America on this document type. The Passport Service has also notified Interpol of the stolen passport details, in this way protecting against travel on these stolen documents.

Departmental Staff Data

 92. Deputy Regina Doherty Information on Regina Doherty Zoom on Regina Doherty asked the Tánaiste and Minister for Foreign Affairs and Trade Information on Eamon Gilmore Zoom on Eamon Gilmore if his Department still grants leave of absence; and if not, the reason this is not considered as a neutral cost saving exercise; and if he will make a statement on the matter. [40597/12]

Tánaiste and Minister for Foreign Affairs and Trade (Deputy Eamon Gilmore): Information on Eamon Gilmore Zoom on Eamon Gilmore The Department of Foreign Affairs and Trade, like other public bodies, is endeavouring to maintain a high standard of service with diminishing financial and staffing resources. In addition to its normal ongoing functions, the Department currently has to manage an unprecedented conjuncture of major international responsibilities against a background of a 12% reduction in its core personnel complement over the past three years. Ireland’s current Chairmanship of the Organisation for Security and Cooperation in Europe (OSCE), which has impacted heavily on the workload of staff at headquarters and in many of our Missions abroad, overlaps with the necessary extensive advance preparations for Ireland’s 2013 EU Presidency, which will also considerably increase the demands on the Department. Meeting these challenges requires the maximum possible availability of skilled and experienced staff, particularly at middle management and senior levels. While the Department has been granted some temporary additional posts for the OSCE chairmanship and for the EU Presidency, sourcing sufficient suitably experienced staff has presented major challenges.

Under the relevant Department of Public Expenditure and Reform circular, the operation of the career break scheme is subject to the operating requirements of the Department not being adversely affected. Discretionary release of experienced staff, without the ability to replace them, would have a very negative impact on the Department’s capacity to deliver on its responsibilities in the period leading up to and during the EU Presidency. Accordingly, the Department concluded last January that it simply had no available alternative but to temporarily suspend the career break facility, other than in the most exceptional circumstances. The position will be reviewed at the end of the Presidency in mid-2013 in the light of the Department’s business requirements at that time.

Insurance Coverage

 93. Deputy Nicky McFadden Information on Nicky McFadden Zoom on Nicky McFadden asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the reason the previous background of a driver in driving commercial vehicles is not taken into account when applying for private car insurance (details supplied); and if he will make a statement on the matter. [40319/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan At the outset, the Deputy should note that in my role as the Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions. The Central Bank has informed me that the decision to provide any specific form of insurance cover and the price at which it is offered is a commercial matter based on the assessment an insurer will make of the risks involved. The Bank has also indicated that it has no role in relation to issues of pricing or the scope of cover provided by insurance companies. Finally, it should be noted that any person who has an unresolved complaint can refer the matter to the Financial Services Ombudsman for investigation and adjudication.

Fuel Rebate Scheme

 94. Deputy John McGuinness Information on John McGuinness Zoom on John McGuinness asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan if he has costed the proposal to grant a rebate on diesel to essential users as allowed under EU directive 2003/96/EC; if he plans to introduce such a rebate in view of the pressures being experienced by the haulage industry in particular; and if he will make a statement on the matter. [40129/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan As the Deputy is aware a working group was set up between officials of my Department, the IRHA and members of the Oireachtas. This working group had a series of meetings to discuss issues of concern to the haulage industry. I have recently received a submission from the group and I am considering the matters raised.

Pension Provisions

 95. Deputy Bernard J. Durkan Information on Bernard Durkan Zoom on Bernard Durkan asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the extent to which persons investing in an active managed retirement fund can avail of alternative options in the event of changed circumstances; and if he will make a statement on the matter. [40131/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I understand that the Deputy is referring to a query from a constituent regarding an approved minimum retirement fund (AMRF). AMRFs form part of the options introduced by Finance Act 1999 to provide control, flexibility and choice to certain individuals in relation to the drawing down of benefits from their pension plans. Prior to that Act, any person taking a pension under a defined contribution (DC) scheme or a Retirement Annuity Contract had no choice but to purchase an annuity with their remaining pension pot after drawing down the permissible tax-free lump sum.

The choices which then became available included the existing option to purchase an annuity with those remaining funds, and new options to receive the balance of the pension funds in cash (subject to tax, as appropriate), to invest in an approved retirement fund (ARF) or an Approved Minimum Retirement Fund (AMRF), subject to certain conditions. Access to these flexible options was extended to all main benefits from retirement benefit schemes (other than Defined Benefit arrangements) in Finance Act 2011.

Under the regime the options to

- invest in an ARF, or

- receive the balance of the pension fund in cash (subject to tax, as appropriate)

are subject to conditions. The conditions include the requirements that the individual be over 75 years of age or, if younger, that the individual has a guaranteed level of pension income (“specified income”) actually in payment for life at the time the option to effect the ARF or cash option is exercised. The purpose of the specified income requirement is to ensure, before an individual has unfettered access to their remaining retirement funds via an ARF or by way of the cash option (subject to tax), that they have the security of an adequate guaranteed pension income throughout the period of their retirement.

Finance Act 2011 increased the specified income limit from the previous fixed amount of €12,700 per annum introduced in 1999, and unchanged since that time, to a variable amount equal to 1.5 times the maximum annual rate of the State Pension (Contributory) bringing the specified income limit to €18,000 per annum at present. However, as a transitional measure, Finance Act 2011 allows the previous lower guaranteed income requirement of €12,700 per annum to continue to apply for a period of 3 years from the date that Act was signed into law (6 February 2011), including for individuals who had retired before that date and who already had an AMRF.

The State Pension (Contributory) would count towards meeting the specified income limit. You should note, however, that only guaranteed pension income paid to the individual in his or her own right can be taken into account for this purpose. Pensions paid directly to the spouse of an individual or pensions/allowances received on behalf of a spouse or dependant may not be included.

Where the minimum specified income test is not met, and an individual does not wish to purchase an annuity, then an AMRF must be chosen into which a “set aside” amount must be invested. The purpose of an AMRF is to ensure a capital or income “safety net” throughout the latter period of their retirement for individuals with pension income below the specified income limit. Prior to Finance Act 2011, the “set aside” amount was fixed at the first €63,500 of the pension fund or the remainder of the fund after taking the tax-free lump sum, if less than €63,500. Finance Act 2011 increased the “set aside” amount to 10 times the maximum annual rate of State Pension (Contributory) – €119,800 at present – or the remainder of the pension fund, after taking the tax-free lump sum, if less. The capital in an AMRF is not available to an individual until he or she reaches 75 years though any income generated by the fund can be drawn down subject to tax. The capital in an AMRF can be used by the owner at any time to purchase an annuity and the AMRF can be changed to an ARF with access to the capital sum (subject to taxation) before the age of 75 where the specified income test is met before that age.

These are the various requirements around the operation of the options at retirement for those with Retirement Annuity Contracts, Personal Retirement Savings Accounts and other defined contribution pension arrangements and the reasons for those requirements. While I am not in possession of all of the relevant personal details of your constituent’s case which would impact on the scope of the options available to your constituent, and subject to that very important caveat, the following options may be available with regard to the AMRF, other than to leave the capital sum until age 75:

- The use of the AMRF funds to purchase a pension annuity.

- If your constituent is in receipt of the State Pension (Contributory), the amount of that pension in payment to him/her in his/her own right (excluding any amount in respect of a dependent) would count towards meeting the annual specified income test which in this case could be €12,700 at this point in time. The funds in the AMRF could be used to purchase a pension annuity equivalent to the difference between the relevant State Pension amount and €12,700. Any remaining funds in the AMRF would then be available as an ARF and could be withdrawn as a lump sum amount subject to income tax at your constituent’s marginal rate.

Tax Code

 96. Deputy John Lyons Information on John Lyons Zoom on John Lyons asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan his plans to review the taxation of home heating oil in view of the difficulties consumers are experiencing with increasing costs. [40141/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan Ireland, as with other countries, has experienced an increase in fuel prices. This increase is an international phenomenon. Fuel prices are driven by a number of factors including the price of oil on international markets, exchange rates, production costs and refining costs. The rise in oil prices over recent periods reflected additional factors such as geopolitical uncertainty in Northern Africa and the Middle East with potential supply disruptions.

The Exchequer yield from excise, as excise is set at a nominal amount, does not increase as the price of fuels increase. On the other hand, the yield from VAT per litre of fuel, as VAT is set as a percentage of the price, increases as the price of fuels increase. However, in this regard it should be borne in mind that to the extent that spending in the economy is re-allocated to petrol and other oil products, and away from other VAT liable spending, and to the extent that the overall level of economic activity is reduced by higher oil prices, there may be little or no net gain to the Exchequer.

It should also be noted that businesses are of course entitled to reclaim VAT incurred on their business inputs, including VAT incurred on fuel. For example, VAT incurred on auto-diesel and marked gas oil (MGO or green diesel) used in the course of business is a deductible credit for business in the Irish VAT system. VAT on petrol cannot be deducted/reclaimed. There are no plans for temporary taxation adjustments, as to do so, could lead to significant costs to the Exchequer.

Tax Yield

 97. Deputy Richard Boyd Barrett Information on Richard Boyd Barrett Zoom on Richard Boyd Barrett asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the amount of tax that hospital consultants with private practices paid on their total income in 2011 and the effective tax rate. [40157/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am informed by the Revenue Commissioners that the relevant information available is in respect of income tax paid by individuals engaged in specialist medical practice activities. Hospital consultants are classified on tax records as a constituent of specialist medical practice activities and are classified within the same economic sector as certain other health-related services, such as treatment in family planning centers and therefore cannot be separately identified. The income tax for 2010 paid by individuals engaged in specialist medical practice activities amounted to close on €100 million representing an average effective tax rate of 29.7%, which is calculated as the percentage of total tax liability to gross income. It should be noted that gross income is as defined in Revenue Statistical Report 2010. This figure is derived from the details of personal income tax returns filed for the year 2010, the latest year for which the necessary detailed information is available.

  You may wish to note that the sector identifier used on the tax records is based on the 4 digit “NACE code (Rev. 2)” which is an internationally recognised economic activity code system. The NACE codes are not essential for the assessment and collection of taxes and duties and the correct allocation and maintenance of these codes is subject to the limit of available resources within the Revenue Commissioners. NACE code classifications on tax records are compiled by reference to the primary area of economic activity reported by individual and corporate taxpayers on their own behalf and the taxes collected are allocated to those codes without reference to the precise economic activity which generated them.

  While the accuracy of the NACE codes on tax records is sufficient to underpin broad sector-based analyses there will undoubtedly be some inaccuracies at individual level. This should be borne in mind when considering the information provided. The sector identified for this reply represents the closest equivalent in the NACE code system to the activity mentioned in the question.

Tax Code

 98. Deputy Gerald Nash Information on Gerald Nash Zoom on Gerald Nash asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the position regarding the implementation of further measures announced in Budget 2012 with respect to the treatment of non-residents for tax purposes; the revenue that has been raised from these measures to date; the amount of revenue that he expects these measures to yield; the number of non-residents for tax purposes that these measures have affected according to the most recent figures at his disposal; the number of non-residents; and if he will make a statement on the matter. [40210/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am assuming that the reference to “further measures announced in Budget 2012 with respect to the treatment of non-residents for tax purposes” refers to the amendment to the Domicile Levy legislation announced in Budget 2012 and implemented in section 136 Finance Act 2012. The Domicile Levy was introduced in Finance Act 2010 and was charged on an individual:

- who in any year is Irish domiciled and an Irish citizen,

- whose worldwide income for the year exceeds €1m,

- whose Irish located property in the year is greater than €5m, and

- whose liability to Irish income tax for the year is less than €200,000.

Where a relevant person has paid income tax that person is entitled to a credit for the tax paid in calculating the amount of the Domicile Levy.

The amendment introduced in section 136 Finance Act 2012 removed the requirement to be an Irish citizen. The effect of this amendment is that persons who meet the other criteria will be liable to the levy whether or not they are Irish citizens. The returns for the tax year 2012 will be the first returns affected by the amendment. These returns are due to be filed on or before 31 October 2013. I am informed by the Revenue Commissioners that no returns in relation to the Domicile Levy for the tax year 2012 have been filed to date. It is not possible at this point to determine how many persons this measure will affect for the tax year 2012.

The only year for which Domicile Levy returns have been filed is the tax year 2010. These returns were due on 31 October 2011. In all, 11 returns have been filed in relation to the Domicile Levy for 2010 and the tax paid was €1,667,011. The levy applies to both resident and non-resident individuals who meet the above criteria. Based on information available to Revenue, eight individuals who filed Domicile Levy returns for 2010 are not resident in Ireland for tax purposes. The number of persons who have filed income tax returns for 2010, the latest year for which figures are available, indicating that they are non-resident is 10,781. Many non-resident individuals who file Irish tax returns would have a foreign domicile and accordingly would not be liable for the Domicile Levy.

The Programme for Government update in March 2012 confirmed the commitment to undertake a consultation process on residence issues in 2012 to inform preparation for further changes in 2013. I launched a public consultation on tax residence rules in May this year, wherein I invited interested parties to make submissions on possible revisions to the current residence rules for the taxation of individuals. This consultation process has now concluded. A total of eight submissions have been received and these will be published in due course, as indicated when the consultation was announced. My officials are considering the submissions and will be advising me on possible further changes as part of the preparations for Budget 2013.

Income Data

 99. Deputy Thomas Pringle Information on Thomas Pringle Zoom on Thomas Pringle asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of those with an income of €80,000 and more per annum; and the number of those with an income of €100,000 and more per annum. [40247/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised by the Revenue Commissioners that the estimated number of income earners earning more than €80,000 per year, estimated by reference to the income tax year 2012, is 180,100 and the corresponding number earning more than €100,000 per year is 104,600. Numbers are rounded to the nearest hundred. The figures are an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. They are, therefore, provisional and likely to be revised. It should be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.

Tax Credits

 100. Deputy Thomas Pringle Information on Thomas Pringle Zoom on Thomas Pringle asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of those whose annual income is €80,000 and more and who claim a home carer tax credit. [40248/12]

 101. Deputy Thomas Pringle Information on Thomas Pringle Zoom on Thomas Pringle asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan the number of taxpayers that claim a home carer tax credit. [40249/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I propose to take Questions Nos. 100 and 101 together.

I am informed by the Revenue Commissioners that the most recent basic data available on the number of taxpayers availing of the home carer tax credit is in respect of the income tax year 2010. There were 77,600 taxpayers availing of the home carer tax credit in 2010, of which 12,800 had a gross income of €80,000 and over.

The numbers availing represent income earners who were in a position to absorb at least some of the tax relief and thereby give rise to an Exchequer cost. They do not include the numbers of potential claimants whose entitlements to other tax reliefs were sufficient to reduce their liability to tax to nil without reference to the specific relief. The numbers availing are rounded to the nearest hundred as appropriate.

The numbers are based on details from tax returns on record at the time the data were compiled for analytical purposes. This was generally based on coverage levels representing in or about 95% of all returns expected. It should be noted that gross income is defined in the Revenue Statistical Report 2010. A married couple that have elected or have been deemed to have elected for joint assessment is counted as one taxpayer.

NAMA Staff Unauthorised Disclosures

 102. Deputy Pearse Doherty Information on Pearse Doherty Zoom on Pearse Doherty asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the date on which NAMA notified the Office of the Data Protection Commissioner of the alleged unauthorised disclosure; the steps NAMA has taken to minimise the impact of the alleged unauthorised disclosure on its own operations and on those of its debtors. [40283/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised that the unauthorised disclosure was notified to the Office of the Data Protection Commissioner on 12 September 2012. I am advised also that NAMA has instituted legal proceedings against the former employee and his spouse seeking a number of reliefs, including an injunction to prevent them from using, disclosing and/or dealing with confidential information. NAMA is also seeking a number of Court Orders, including an Order directing the former employee and his spouse to provide a full account on affidavit in respect of all confidential information that either of them has removed from NAMA. This is to include the identity of all persons who have had access to the information or who have been made aware of its existence and/or contents and the identity of all persons to whom the information has been supplied. These proceedings are currently within the jurisdiction of the courts and I am therefore not in a position to discuss them further.

NAMA Staff Unauthorised Disclosures

 103. Deputy Pearse Doherty Information on Pearse Doherty Zoom on Pearse Doherty asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the controls National Asset Management Agency has in place to prevent a recurrence of the alleged unauthorised disclosure of information. [40284/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised that NAMA employs a wide range of measures to prevent unauthorised disclosure of confidential data. These include practical measures such as the deployment of email monitoring technology to prevent email attachments from being forwarded to personal and non-corporate email accounts. IT controls also ensure that data cannot be saved from the NTMA network onto external storage devices, such as USB keys, CDs, etc. I am advised that the Board of NAMA is currently reviewing the findings of a recent investigation by Deloitte and, as part of that review, will assess the implications in terms of NAMA’s current data control procedures.

Employees assigned by NTMA to NAMA are bound by a number of statutory obligations in respect of the confidentiality of information to which they have access by virtue of their employment by NAMA. These include obligations imposed under Section 14 (1) of the National Treasury Management Agency Act 1990 and under Section 202 of the NAMA Act 2009. NAMA staff are also subject to the provisions of the Official Secrets Act 1963. Contravention of these statutory obligations constitutes criminal offences and, under Section 7 of the NAMA Act, a person who commits such offences may be liable to a substantial fine or term of imprisonment or both.

NAMA Staff Unauthorised Disclosures

 104. Deputy Pearse Doherty Information on Pearse Doherty Zoom on Pearse Doherty asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the date on which NAMA notified An Garda Síochána; and if statements have been provided to the Gardaí by NAMA; and if so, the number of same. [40285/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised that the unauthorised disclosure was notified to An Garda Síochána on 12 September 2012 and that NAMA has provided, and will continue to provide, all information required by the Gardaí as part of their investigation.

NAMA Staff Unauthorised Disclosures

 105. Deputy Pearse Doherty Information on Pearse Doherty Zoom on Pearse Doherty asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, the steps NAMA has taken to ensure that no potential purchaser of assets associated with its loans, derives any advantage over competing purchasers as a result of obtaining unauthorised commercially sensitive information in relation to NAMA loans. [40286/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised by NAMA that it has instituted proceedings in the High Court against the former employee and his spouse seeking a number of reliefs, including an Order directing the former employee and his spouse to provide a full account on affidavit in respect of all confidential information that either of them has removed from NAMA, including the identity of all persons who have had access to the information or who have been made aware of its existence and/or contents and the identity of all persons to whom the information has been supplied. These proceedings are currently within the jurisdiction of the High Court. NAMA has also sought orders against any of the identified third party recipients.

I am advised that the sale of assets by NAMA debtors and receivers are conducted in line with NAMA Board guidelines, a requirement of which is that disposals are conducted on a competitive basis in accordance with prevailing market practices for the asset class and jurisdiction to which the sale relates. The guidelines require that sales agents prepare a final report and recommendation addressed to the debtor and copied to NAMA, including a summary of the marketing campaign, a list of all parties who expressed interest in acquiring the asset or were contacted during the marketing campaign and a recommendation as to the best price that is reasonably obtainable for the asset.

I am also advised that, in the case of the sale of loans or loan portfolios, it is common practice for NAMA and other loan vendors to establish data rooms which provide extensive information to potential purchasers on loans which are being made available for sale and on the collateral securing them. Potential purchasers must sign non-disclosure agreements before they are allowed to have access to such data. All potential purchasers of NAMA loans have access to the same information for any loan sales transactions being contemplated

While the review of the unauthorised documentation is still on-going, I am advised by NAMA that the level of information available to potential purchasers is significantly more detailed than any information that might have been included in the recent unauthorised disclosure of data by a former employee of NAMA. Therefore, NAMA does not anticipate that the recent unauthorised disclosure will have a material impact on the prices realised on its loan sales.

NAMA Staff Unauthorised Disclosures

 106. Deputy Pearse Doherty Information on Pearse Doherty Zoom on Pearse Doherty asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan in relation to the alleged unauthorised disclosure of information at the National Asset Management Agency by a former employee, if his attention has been drawn to any investigation of the matter at Ernst and Young; when such investigation was initiated; the terms of reference of any investigation; the status and results of any investigation; and the involvement of NAMA in any investigation. [40287/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The deputy may be aware that at the request of NAMA, Ernst and Young initiated their own investigation into this matter; as this inquiry is ongoing it would therefore not be appropriate for me to comment further. However, I understand that there has been full co-operation between NAMA and Ernst and Young in the investigation of this matter.


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