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An
Roinn AirgeadaisDepartment
of
Finance
Sraid
Mhuirfean
Uacht,
Upper
Merrion Street,
Teileafon
/
Telephone:
353-1
676
7571
BaileAtha Cliath
2,
Dublin
2,
Facsuimhir/ Facsimile:
353-1
678
9936
Eire
-
Ireland.
Glao
Aitiuil
/
LoCall:
1890661010
http://www.irlgov.ie/finance
Ref:
FOI
200/2009
4
December 2009
Mr.
Gavin
Sheridan
21 The
Courtyard
Castleredmond
Midleton
Co.
CorkDear
Mr.
Sheridan
I
refer
to the
request which
you
made under
the
Freedom
of
Information
Acts 1997
and
2003
for
records
held
by
this Department:
1.
The
titles, dates
and
authors
of
all
cost-benefit
analyses, impact reports
or
preparatory
reports that have been carried
out by the
Department
in
relation
toNAMA..
2. The
titles, dates
and
authors
of
all
cost-benefit
analyses, impact reports
or
preparatory reports that have been carried
out by
people
or
companiesworking
on
behalf
of,
or at the
request,
of
the
Department,
in
relation
to
NAMA.
At the outset I want to express my regret at the time it has taken to bring this matter tothis stage,
but I'm
sure
you
will appreciate that those
of us in
this area
of
work
in the
Department have been very heavily engaged
in
dealing with
the
exceptional issues
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Printedon100% recycled
paper
that have had to be dealt with in relation to banking and financial matters, thepreparation
of the
NAMA
legislation over
the
past number
of
months
and
also
the
substantial number
of
Freedom
of
Information
requests received
in
this area.
I
have made
a
final
decision
to
grant your request
on 4
December 2009.
If you
have
any
queries regarding this correspondence you can contact me by telephone at
631
8129
or by email at
aidan.carrigan@finance.gov.ie.
The purpose of this letter is to explain that decision. This explanation has the
following
parts:
1.
a
schedule
of all of the
records covered
by
your request;
2.
access arrangements.
This
letter addresses each
of
these parts
in
turn.
1.
Schedule
of
records
A
schedule is attached at the end of this letter. It shows the documents that this
Department
considers relevant
to
your request.
2.
Access Arrangements
You
have sought access
to the
records
by
means
of
photocopies
and I
consider this
an
appropriate
form
of
access
in
this case.
In
addition
to the
titles
of
reports listed
in the
attached schedule,
you may
wish
to
note the following.
You
request details
of
analysis carried
out by the
Department. Such analysis
iscarried
out on an
ongoing basis
by the
Department
and
reported regularly
to the
Minister
in
both verbal
and
written
format.
Such reporting would
not be
possible
to
list
separately
and
would
often
be
building
on the
reports listed
in the
schedule.ArthurCox
solicitors
have been engagedby theDepartmentofFinance sinceSeptember 2008 to provide advice in relation to general banking matters including
the
Bank Guarantee scheme,
the
nationalisation
of
Anglo Irish Bank
and the
recapitalisation of AIB, Bank of Ireland and Anglo Irish Bank.PriceWaterhouseCoopers
was
retained
by the
Financial Regulator
in
late 2008
to
assist
the
Financial Regulator with
a
review
of the
financial
and
capital positions
of
Irish
banks
and to
enable
the
Financial Regulator
to
advise
the
Government
on
whataction needed
to be
taken.
The
work undertaken involved
an
initial high levelassessment
of the
capital
and
liquidity levels
of the
institutions, stress testing
of the
institution's
loan portfolios over
a
three year period,
and
review
the
valuation
of
properties held
as
collateral against
the
main property loans.
In
addition,
the
Financial Regulator engaged Jones Lang LaSalle for financial and propertyconsultancy services
in
relation
to the
Bank Guarantee Scheme.The National Treasury Management Agency engaged Merrill Lynch for investmentbanking advice
up to 30
June 2009.
In
addition,
the
NTMA
has
also retained
an
economist.In
the
setting
up of
NAMA,
the
NTMA issued
a
number
of
tenders
in May
2009through
the procurement website
www.
etenders.
gov.ie
to
procure banking/financialadvisory
and
legal advisors. Arthur
Cox was
awarded
the
legal mandate
and
HSBCwere awarded
the
banking\advisory mandate.
In
July 2009,
the
NTMA issued
a
tender
to
procure
general
banking
advisors in
relation
to the
whole financial system through
the
procurement website www.etenders.gov.ie
and
Rothschilds were awarded
this
mandate to 30 June
2010.
Yours sincerely
\
y
Aidan CarriPrincipal
(Sffficer
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