Oireachtas Joint and Select Committees

Thursday, 1 October 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014 (Resumed)

10:00 am

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Mr. McDonagh might send us a breakdown of NAMA's portfolio based on geography. This was mentioned in general to Deputy Perry. Mr. McDonagh gave some key headlines a moment ago. Could the details be sent on to us?

My next question is on a point that might have caught people's eyes. On page 118 of the accounts, NAMA refers to the payments to the Northern Ireland Advisory Committee. Mr. Frank Cushnahan resigned on 8 November 2013. He was paid fees of €3,000 in 2013 and Mr. Brian Rowntree was paid €2,025 in 2014 and €5,000 in 2013. Mr. McDonagh might tell us the payments. The bit that intrigues me on page 118 and which Mr. McDonagh might explain is that included under travel expenses, accommodation and subsistence is a sum of €9,855, which represents NAMA's tax liability on benefit in kind in respect of board expenses paid in 2014. The equivalent figure in 2013 was €25,338. Could Mr. McDonagh talk to us about why NAMA was paying tax on benefit in kind? It is a note in the accounts Mr. McDonagh must have felt was worth printing.

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