Oireachtas Joint and Select Committees
Thursday, 1 October 2015
Public Accounts Committee
National Asset Management Agency: Financial Statements 2014 (Resumed)
10:00 am
Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source
That represents €60 billion of the approximately €70 billion, which is 85% of it. In terms of 250 cases, it cannot be impossible for people to break down the loans because if, hypothetically, NAMA did a deal with a debtor - I am not talking about any one case - and €100 million went into it but, ultimately, it only got €50 million and that money was spread over institutions, one can take an average across the institution. However, at the end of the day, NAMA will not get away with coming back and thanking us for the loans we gave it from six different institutions while saying it cannot tell us how each of those institutions worked out at the end. That will not work. Mr. McDonagh should try to come up with a simple formula to give us some information because if at the end of this process, NAMA turns out to be a black hole and we cannot get information on the loans that went into it, the organisation will be doing itself a disservice.
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