Bruton calls for C&AG to assess plan for Nama

THE OPPOSITION has called for the Comptroller Auditor General, the State’s financial watchdog, to independently assess the draft business plan for the National Asset Management Agency (Nama).

Fine Gael finance spokesman Richard Brutontold the Dáil there was "much concern about the assumptions underpinning" the document, which Minister for Finance Brian Lenihan issued to TDs just before the vote on the second stage of the legislation, through which the State will take over impaired development loans.

Labour finance spokeswoman Joan Burtonquestioned the status of the document, asked who wrote it and said that if it was issued to the stock exchange, it would have significant obligations including potential litigation.

Sinn Féin spokesman Arthur Morgansaid the figures could have been plucked out of the sky and he asked if it was a Fianna Fáil document. But Tánaiste Mary Coughlan, taking the order of business, said only that: "I am not aware of whether the Minister is of the view that this should happen."

Mr Bruton said she should inform him of it “because big money is at stake. The future of the State is at stake”.

A lengthy row over the Nama legislation, the draft business plan and how the committee stage of the legislation would be dealt with, developed in the Dáil yesterday.

The Opposition also demanded the committee stage of the legislation be taken in the Dáil chamber rather than in committee rooms, as the Government had indicated a fortnight ago. Lucinda Creighton (FG) said: “The reality is we will not fit in the committee rooms in the bunker.”

Mr Bruton, who raised the issue of asking for an independent assessment, said the CAG “as an independent constitutional officer, could advise us on the soundness of the business plan, help us in our assessment of the proposal and to develop appropriate amendments”.

Ms Burton, whose party has submitted 99 amendments on the Nama legislation, said “there is no indication of who is the author of the document, what legislation or professional responsibility they had or whether it is the Minister’s personal document”.

She said “if the document was issued in the private sector to the stock exchange it would carry, as an IPO document, very heavy legal and contractual obligations for its authors, who could be sued by disaffected shareholders if the information in the document was false”.

Mr Morgan said “notwithstanding that the figures in it could have been plucked out of the sky, there is a symbol on the cover that looks more like a party political emblem for Fianna Fáil than anything to do with the Oireachtas”.

Michael D Higgins(Lab) said there should be a declaration "on conflicts of interest, particularly for the people who have put together the tentative valuations in this document".

After persistent questions about the status of the document, Ceann Comhairle Séamus Kirksaid it was a Department of Finance report and could be discussed at the committee stage debate on the legislation.