Oireachtas Joint and Select Committees

Thursday, 30 September 2021

Public Accounts Committee

NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General

9:30 am

Mr. Brendan McDonagh:

No. At the end of the day, we had to sell down assets in our portfolio to generate cash to pay off the debt, as debt is a contingent liability. A number of debtors paid off their full contractual debts and brought their land banks with them. Good luck to them, as they have done the right thing. The Minister did not set any target. We said that we would deliver as many as we could out of what was available in our portfolio but once the land is sold, the new owner has to decide what he or she will do with it. Some of that land does not have planning permission or zoning. That is not to say that it will not be developed in future, but-----

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