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

We are just about there. Page 16 of the financial statements gives the NAMA asset disposals year by year, as in 2010 to 2017. I refer to €7.2 billion on page 16 on the bottom chart. It can be seen there. Somebody touched on this earlier. The witnesses said that NAMA was under pressure from the troika in those first couple of years to generate cash. Some of that was from sales of property mainly outside of the country where there was a better market. When we look to 2014 and 2015, there were about €8 billion of disposals each year. I refer to those people whom NAMA moved on and disposed of their assets or sold their loans at that time. Have there been any complaints from them that they felt they were rushed? The Player Wills site and some other sites were mentioned. Some people were luckier, or perhaps were more truculent, and NAMA did not get them earlier. They are now actually going to come out clear because they were left until last. The guys that went early probably suffered the most, whereas the guys who, for some reason or other, are some of the last batch to be sold might actually come out a bit better. NAMA might also do better because it might recover more. Is NAMA's profitability on its recoveries, based on its disposals next year, in 2018 and 2017, that bit higher than the profitability of its disposals in the years 2014 and 2015?

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