THE IRISH-owned banks might be bleeding the exchequer dry but we can at least take some small comfort from the fact that former HSBC chief executive Michael Geoghegan did not charge a fee for his recent work in reviewing the National Asset Management Agency. A spokesman for Nama was “happy to confirm” that Geoghegan “did not charge any fee for this work”.
Such information might be more easily available next year if, as promised by the Government, Nama is included in an expansion of the Freedom of Information Act.
On Monday, Minister for Public Reform Brendan Howlin told Vincent Browne on TV3 that the Government had decided to include Nama in his widening of the FOI Act next year. This is good news as Nama has been criticised for its lack of transparency. Last month, Information Commissioner Emily O’Reilly decided it should be subject to requests under environmental freedom of information following a challenge by an online journalist.
If Howlin follows through on the Government’s commitment, it will give an interesting window on the workings of Nama, which took €74 billion in toxic loans off the banks.
