Oireachtas Joint and Select Committees
Thursday, 18 December 2014
Public Accounts Committee
National Asset Management Agency Financial Statements 2013
12:00 pm
Mr. Brendan McDonagh:
It is not cumulative. Basically, it means that every year the board has to decide, based on its financial performance, whether it is going to pay it, and for the first two years of operation we did not pay it because in the Irish market NAMA was not performing well as the economy was not performing well. We paid it for the first time in February 2013.