Oireachtas Joint and Select Committees

Thursday, 20 September 2018

Public Accounts Committee

National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report

9:00 am

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

If I am asked to tell the story of NAMA to a later generation, it is beginning to look to me like the story will be that we had €71 billion of debts in Irish financial institutions and set up an organisation, a temporary holding company, whose function was to export the ownership of the vast majority of that €71 billion to foreign investment companies. We took it from the private sector when it collapsed, took it into State ownership through the vehicle which is NAMA, and ultimately privatised it abroad.

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