In the NAMA Business Plan published on 14th October, 2009, NAMA set out how it would be accountable to the government. On page 27 under the aptly titled “NAMA – Accountability and Reporting Requirements”, there appears the commitment to “Each quarter, NAMA will report to the Minister giving detailed information in relation to the following: … A schedule of income and expenditure in the period.. The Minister will lay copies of this Statement before the Houses of the Oireachtas”
Yesterday we learned from sources that NAMA had exceeded its legal budget.
If NAMA is unable to report as it is required to do with a limited expenditure (and also to exceed its budget apparently), then what hope is there that it will meet its responsibilities with the big numbers. And what hope for our Opposition that they are not demanding this information to be laid before the Oireachtas? UPDATE: It has been pointed out to me that under section 55 of the NAMA Bill, the first quarterly report will cover the period up to end March 2010 and will be presented to the DoF by 30 June 2010. I withdraw therefore my statements about NAMA failing to meet its reporting deadlines though the statement that it has exceeded its legal budget apparently still holds true.
NAMA Wine Lake 
As I have highlighted this problem before I am again reminded that the so called opposition in the Dail have not distinguished themselves so far and this now is 18 months into the worst economic crises in the history of the Irish state.
I am still at a loss as to what the opposition want to do different with regards to the greatest fraud perpetrated on the Irish people
Maybe their silence is their way of giving support to the government for this treachery!
Machholz
I suppose FG would say they proposed nationalisation and the creation of a good bank, a national development bank. Fair point that they failed to sell their plan with any real conviction. I think all parties realised a banking system would be needed in the state and have just had different ways of going about it. I don’t think FF sleepwalked into NAMA and as far as I can see there was fairly wide consultation beforehand. And remember the plan is we make a €5bn profit over 10 years and restore lending in the banks (NAMA won’t do that by itself but it will go 80% of the way towards recapitalisation, it would seem). It’s not so much the plan, it’s the implementation that is being set up to deliver failure on a wide scale. That’s where I stand and want more transparency, an allparty select committee, paring back of the first tranche, a review not in 2012 but immediately after the first tranche is bought for valuation methodology and modus operandum, an ending to NAMA select private briefings and more operational detail.