THE DEPARTMENT of Finance has rejected a claim by Fine Gael Senator Eugene Regan that the establishment of Nama (National Asset Management Agency) will be delayed for at least two months while the project gets formal approval from the European Commission in Brussels.
Mr Regan said yesterday that the acceptance by Minister for Finance Brian Lenihan that EU Commission approval would be needed before Nama went ahead, meant that it would not be up and running for at least another two months.
In response a department spokesman said last night that without prejudging the commission’s view on the matter, they were not expecting any lengthy delay in the approval process.
“The Department of Finance has been in regular contact with the European Commission throughout the process to establish Nama. Indeed the valuation methodology is in accordance with EU Commission guidelines,” he said.
“It is also worth pointing out that the European commissioner for economic and monetary affairs, Joaquín Almunia, recently stated that he wanted to see the Dáil pass the legislation establishing Nama as quickly as possible.
“Although the decision will rest with Commissioner Kroes, this clearly qualifies as strong support from the European authorities for the Government’s approach,” the spokesman added.
Earlier Mr Regan insisted that requirement for EU approval would delay the introduction of Nama by at least two months.
“Contrary to what Fianna Fáil and the Greens would have us believe, Nama is not even close to being signed, sealed and delivered, with a long way to go before the project becomes a reality.”
He said that during a Seanad debate on the Nama Bill, Mr Lenihan confirmed not only would it have to be notified and formally approved by the European Commission after enactment but so too would the transfer prices and valuation methods of Nama.
Mr Regan added that when asked if the valuation methodology, including the figures, calculations and assumptions, would have to be verified by the European Commission before the Nama project could go ahead, the Minister gave an unequivocal response saying: “Yes. Absolutely.”
Mr Regan said there was still no clarity on valuations or on how the cost of Nama would be shared, both of which were requirements under EU guidelines, at this point, despite the intensive debate taking place.
Following passage of the Nama legislation through the Seanad, it will go back to the Dáil today for approval of the amendments made in the Upper House.
A final vote will be taken this afternoon and the Bill will then go to President Mary McAleese for her signature.