Minister for Finance Brian Lenihan said today he expects due diligence costs linked to the National Asset Management Agency (Nama) will be about €100 million, significantly lower than a previous estimate of €165 million.
Mr Lenihan was speaking at a meeting of the Oireachtas Committee on Finance and the Public Service, which is considering the committee stage of the Nama legislation at a sitting in the Dáil chamber.
Last week, Mr Lenihan said that he did not have any difficulty with Nama board nominees being examined by an Oireachtas committee.
The Minister also said he would not object to “a form of process audit or process auditor’’ monitoring the agency.
Mr Lenihan said that a 30-day limit on reporting to the Oireachtas over a 10-year period would impose a substantial burden on the agency.
However, he did accept that the proposed biannual report was “too summary a reporting obligation’’. A shorter period was advisable, and he would suggest a quarterly report, he added.