Oireachtas Joint and Select Committees

Tuesday, 25 October 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

10:00 am

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

Before I call on Deputy Cullinane, I shall put a few questions. Some seek information for the witnesses to send on. They just make observations on what has been sent on. I ask the delegation to take note of my remarks. Reference was made to the bond repayment schedule and the need for inward cash flow. Could I have a document showing what the required bond repayment schedule was for the years in question and what was actually achieved? I just want to put that straightforward information on the record.

The witnesses talk a lot about the difficult debtors in Northern Ireland. Is it possible that NAMA was not as diligent and strong in marshalling its debtors in Northern Ireland as it might have been with debtors down here? Could that be part of the reason NAMA was not getting as much co-operation in the North, given that the witnesses are saying that, in the Northern Ireland jurisdiction, the debtors were missing targets, not putting properties up for sale, not making available rental income, and slower in agreeing business plans or whatever? When I hear that, I believe there are two sides to it: the Northern Ireland debtors and NAMA. Is it reasonable to suggest 100% of the fault was on the debtors' side? Do the witnesses understand the question?

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