Accountability

The National Asset Management Agency is subject to a high level of public accountability compared to other commercial semi state bodies, reflecting the fact that it is managing a significant financial exposure on behalf of the Irish taxpayer.

The NAMA Act makes the Agency accountable in a number of ways, including the tabling in the Houses of the Oireachtas of an annual report and audited financial statements. The Chairman and Chief Executive are also accountable to the Committee of Public Accounts and other Oireachtas committees and give evidence to committees whenever required to do so.

In addition to its annual accounts, however, NAMA is also required to submit to the Minister an Annual Statement setting out its proposed objectives for the following year, the scope of activities to be undertaken, its strategies and policies and its proposed use of resources. NAMA is also required to report to the Minister on a quarterly basis giving detailed information about its loans, its financing arrangements and its income and expenditure. The Minister is obliged to lay such reports before the Oireachtas.

NAMA’s accounts are comprehensively audited by the Comptroller & Auditor General, who has a permanent team of officers based in the Agency with unrestricted access to all its records and files. The process of loan valuation and acquisition is also being audited by the European Commission.

These and other accountability requirements are set out in more detail below

Accountability requirement	What information it contains	When and where it is available
Annual Statement (Section 53)	The Agency’s proposed objectives for the year concerned The nature and scope of activities to be undertaken The strategies and policies for achieving its objectives The uses to which it proposes to apply its resources	NAMA is required to submit its Annual Statement to the Minister for Finance three months before the start of each financial year. The Minister is obliged to lay copies of this statement before the Houses of the Oireachtas not later than one month after the beginning of the subsequent financial year. The Annual Statement is made available on the NAMA website once it has been laid before the Houses of the Oireachtas
Annual Accounts (Section 54)	A list of debt securities issued A list of securities issued to and redeemed by each participating institution A list of all advances made by NAMA A list of all asset portfolios held by NAMA A statement of administration fees and expenses Profit & Loss Account and balance sheets	NAMA is required to submit its Annual Accounts to the Minister. The Minister is obliged to lay copies of the Accounts before the Houses of the Oireachtas but no timeframe is specified. The Annual Accounts are published on the NAMA website once they have been laid before the Houses of the Oireachtas. The first set of accounts is for the year 2010.
Audit of accounts by Comptroller and Auditor General (Section 57)	NAMA’s accounts are comprehensively audited by the Comptroller & Auditor General, who has a permanent team of officers based in NAMA with unrestricted access to all its records and files.	NAMA is required to submit its accounts to the Comptroller and Auditor General within two months after the end of the financial year to which they relate.
Quarterly reports (Section 55)	Loans outstanding, categorised as between performing and non-performing (including level of impairment) A schedule of finance raised by NAMA Income, including amounts recovered from property sales A schedule of income and expenditure in the period	NAMA is required to submit reports for the periods ending 31 March, 30 June, 30 September and 31 December to the Minister within three months of the end of the relevant quarter. The Minister is obliged to lay copies of this quarterly report before the Houses of the Oireachtas but no timeframe is specified. Each quarterly report is made available on the NAMA website once it has been laid before the Houses of the Oireachtas.
Accountability to Committee of Public Accounts and other Oireachtas Committees (Sections 58 & 59)	The Chief Executive and the Chairman of NAMA are accountable to the Committee of Public Accounts and will give evidence, whenever required to do so, to the Committee and to any other Committee appointed by the Oireachtas to examine matters relating to NAMA.	The opening remarks to the Committee by the Chief Executive and Chairman of NAMA are published on the NAMA website. The Public Accounts Committee usually makes a transcript available on the Committee’s website within a few days.