Results 25,801-25,820 of 36,066 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Okay. In relation to the security that underpinned some of these loans, and you mentioned in Vol. 2, page 5, table 3 and again Vol. 1, page 4, table 2, where NAMA wrote down €477 million as a result of not being able to ... inadequate security, and then claimed back €334 million from the banks for the same purposes, which totals €811 million of unenforceable securities....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Okay. So in relation to the unenforceable security of loans, what was the par value of unenforceable security?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: So we are talking about somewhere in the region of €1.7 billion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: About €2 billion of loans that the institutions had that .... the money could not be collected or the assets could not be sold because the security-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: So did those people who took out the money just walk away because the security is not there? Is that what happens in a case like this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Okay. Mr. Daly, you mentioned commercial property was basically NAMA is commercial property, the €74 billion, the majority of this is commercial property and you give a good breakdown in relation to where the institutions and the type of property that were held in Vol. 2, page 7. We have the consideration amount, the €32.4 billion that was paid and we can see very clearly...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: You can give an estimation for land but in terms of ... are there no kind of guidelines in terms of hotels, investment property-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Agreed, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: It's the water meters, Joe.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Go raibh maith agat, a Chathaoirligh. Mr. McDonagh, just, when we came back from the previous break you just clarified a response that you gave to myself and the question I was asking you earlier on was of the €811 million that was clawed back, or wasn't paid by NAMA, as a result of security issues, you mentioned that the loan book value of that was actually €3.5 billion, is...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: But these banks which have transferred their loans to NAMA had issued loans of the value of €3.5 billion that cannot be called on because of securities, that can't be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: No I understand you paid nothing to the banks but the Irish taxpayer paid for the banks, paid for-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: And is there any recourse in a situation like that there, where, because of documentation, you've outlined some of the issues that would arise in these circumstances, is there any recourse in relation to this €3.5 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: It's gone.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: It's gone. Right. In relation ... it's absolutely staggering, the figure of €3.5 billion, for, I'm sure, for the general public there. In relation to the Vol. 1, page 35 figure, €2.5 billion ... we look at the property valuation process that NAMA used, and particularly the property uplift adjustments - this is the long-term economic value - that NAMA used and approved by the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: I understand. Across the board,-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: -----the average uplift, which was 8.8%, will have materialised, and maybe not, because there's a rental issue, as you have mentioned, income as well that has been generated.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: But the question I have specifically is, for example, the 9.5% uplift in NAMA's properties that were secured in the loans ... do we know if that was achieved? Do we know if it was exceeded?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Pearse Doherty: Yeah.