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Noonan refuses to publish supporting documents to NAMA Directions in IBRC liquidation

March 14, 2013 by namawinelake

On 6th February 2013, Minister for Finance Michael Noonan executed one of the most financially significant acts of his two year term in office, the liquidation of Irish Bank Resolution Corporation. It was over two weeks later when we found out in passing that as part of the liquidation, NAMA had been directed by the Minister to provide a €1bn credit facility to IBRC at 1.52% per annum. It was almost a month after, that Minister Noonan finally published the text of the directions he gave to NAMA.

But the directions published are pretty meaningless without the supporting schedules, deeds, transfers and perhaps most importantly, the facility agreement which makes €1bn of our money available to an insolvent bank at 1.52% per annum.

This week in the Dail, the Sinn Fein finance spokesperson Pearse Doherty asked for the supporting documents, and surprise, surprise, they are “commercially sensitive” and Minister Noonan refuses to publish them.

So, the Minister has finally found a means to politically direct NAMA without revealing such directions to the public. Next time, the Direction might just say “Dear NAMA, I command you to carry out the actions listed in the attached Schedule, Sincerely, Michael”

The Directions issued to NAMA as part of the IBRC liquidation represent a departure for this administration. Not only were the Directions published a month later after at least one request from the Opposition, but the Directions omit the meat of what is being directed. This all represents a serious deterioration in transparency, even compared with the previous administration and if allowed to stand, give unfettered direct political control over NAMA. And it’s not exactly reassuring to know that the NAMA Board including the so-called independent member, Steven Seelig, promptly approved the Directions given by the Minister.

The full parliamentary question and response are here:

Deputy Pearse Doherty: To ask the Minister for Finance further to the eventual publication on or after 4 March 2013, of the Directions given by him to the National Asset Management Agency in respect of the liquidation of Irish Bank Resolution Corporation, if he will now publish the documents referred to in the directions, namely the facility agreement, deeds, transfers and schedules.

Minister for Finance, Michael Noonan: I do not intend to publish the documents referred to in the directions, at this time, as they contain commercially sensitive information which if released could have a detrimental effect on the outcome for the taxpayer.

 

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Posted in Banks, Irish economy, NAMA, Politics | 2 Comments

2 Responses

  1. on March 14, 2013 at 11:59 am beego

    It makes a joke of our Constitution:
    Article 45, 2. The State shall, in particular, direct its policy towards securing:

    iii. That, especially, the operation of free competition shall not be allowed so to develop as to result in the concentration of the ownership or control of essential commodities in a few individuals to the common detriment.

    iv. That in what pertains to the control of credit the constant and predominant aim shall be the welfare of the people as a whole.

    v. That there may be established on the land in economic security as many families as in the circumstances shall be practicable.


  2. on March 14, 2013 at 7:33 pm Rita cahull

    Treason acts By EU and British and Irish Government

    Breaches of Irish Human Rights Here: redit
    Briefing for UN Independent Expert on Human Rights and Extreme Poverty

    Click to access briefing_for_un_independent_expert_on_human_rights_and_extreme_poverty_january_2011.pdf

    Click to access Published-Estimate-%28with-barcode%29.pdf

    Click to access 4b66f8092.pdf

    Click to access flacnews_vol19no4.pdf

    DIRECTIVE 2006/24/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
    of 15 March 2006
    http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:105:0054:0063:EN:PDF
    Submission to Emer Costello MEP

    Click to access eapn-ireland-submission-to-emer-costello-on-aid-to-the-most-deprived-.pdf

    Click to access Input-to-Troika-Quarterly-Review-from-EAPN-Ireland1.pdf

    Human rights and extreme poverty

    Click to access A-HRC-RES-2-2.pdf

    The Strategic Defence and Security Review

    Click to access dg_191634.pdf

    Click to access bsos-july-11.pdf

    Click to access A.HRC.10.22.pdf

    Click to access sir943-12_en.pdf

    Click to access LetterDanishauthorities965-11_EN.pdf

    Click to access 917136en.pdf

    German polluting The Countries water

    Click to access 922974en.pdf



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