Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 306 and 307 together.

I am informed by NAMA that it is aware of only one transaction involving the sale of property by a NAMA debtor to a former employee. After NAMA became aware of the particular transaction involved, it instructed its internal auditors, Deloitte, to carry out a comprehensive review of the transaction. The Deloitte review has established that the sale of the property was transacted at market value as the sale price was in accordance with an independent valuation at the time of the transaction. It found that the former employee did not disclose the transaction to NAMA at any time either prior to or following the transaction.

NAMA requires its entire staff to complete a disclosure under Section 42 of the NAMA Act outlining all assets, liabilities and interests which they hold. Each employee is also required to inform the CEO of NAMA of any changes to their disclosure and to immediately inform the CEO of any matter that could raise a question about their suitability to act (or continue to act) as an officer of NAMA or that could result in an actual or potential conflict of interest with respect to their duties or obligations as an officer of NAMA. I am advised that the Board of NAMA is currently reviewing the Deloitte findings and, as part of that review, will consider whether there are any changes required to NAMA's current compliance procedures.