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

Mr. Brendan McDonagh:

Yes, but if that is the planning permission, the debtor will provide ten social houses. He will build the other 90 houses and he will sell them to the private sector. That is the reality of what will happen. Some of these debtors are getting into a position where they are moving because of increases in values. Two years ago they had no chance of paying off all their debt to NAMA and now they are in a position where, because they are building houses and making reasonable profit on them and their landbank has increased in value, they have the opportunity to get banks to refinance them out of NAMA and pay off their debt. Just because someone is a NAMA debtor, they cannot be treated differently from another guy down the road who has similar planning permission. It cannot be that he only gives ten houses where the NAMA debtor is supposed to give 20.