Results 2,821-2,840 of 34,778 for speaker:Seán Fleming

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: That is interesting. Will Mr. McDonagh briefly outline NAMA's dealings with local authorities? NAMA has sites in many locations throughout the country which can be used by local authorities for community and social purposes. Is there much happening in that regard? Does NAMA have agreements in place to allow local authorities to use such properties? How is a decision made in respect of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: On NAMA's annual statement for 2013, which appeared on its website this afternoon, and following on from what Deputy Timmins said, will Mr. McDonagh outline the fee structure that is in place with AIB, Bank of Ireland and the IBRC? According to the document to which I refer, the total amount in this regard for next year will be €64 million. Reference is also made to a fee up to a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: That would be an amount of the order of that to which we referred earlier, namely, one tenth of €70 billion. That cannot all be managed by the staff in the organisations to which I refer. This is the only instance in which NAMA is relying on the original par value. In every other instance, it proceeds on the basis of what it paid. Is it overcompensating in this case and is that a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Has NAMA audited the position in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Is it satisfied that it is not being overcharged?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: That is good. How many of NAMA's major debtors are operating outside the State?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: No, people who owe NAMA money.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Yes. Are most of the people who owe NAMA money still-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: To start with.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Okay. I accept that NAMA has a particular legal remit. As I have stated previously, however, it is trying to work out these assets as best it can for the State and to recover what it paid for them. The IBRC is doing the same thing. I am of the view that there would be merit in merging the two organisations. It is possible that there could be an amount of unhealthy competition between...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: That is one of the reasons-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: What was the largest amount NAMA collected in the past year or two? What were its biggest two or three achievements in terms of cash? Mr. McDonagh must know that off the top of his head.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Where was that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: What are we talking about here?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Okay. Let us talk about that. That was NAMA's biggest transaction to date where it got in about €800 million. What was the book value? What did NAMA pay for that? Did it make much profit on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: I accept Mr. McDonagh might not want to go too far on this and I noted the little nudge there. Is there commercial sensitivity about this? It is now history. NAMA has a legal remit to look after its organisation and the IBRC has a remit to look after its organisation and sometimes the unhealthy possible competition between the two might result in one getting the better of the other in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Mr. McDonagh does not believe so. For the record, the IBRC will appear before the committee next week and I will be asking its representatives the same question on that. Some people would think there is a case that there can be competition between the two organisations. There was a court case involving Coroin Limited, the hotel group, and NAMA officials would have given public evidence of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: There is a document on the public record of the courts in England. Therefore, there is nothing confidential about this. It is not sub judice. It is a previous case. I want to read an extract from the public court record of what was stated in the summing up, and I can provide this to anybody who wishes to have it after the meeting. It is on the public court record. It states Mr. Hennigan...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: Has Mr. McDonagh any problem with what, on the face of it, appears to be a breach of confidentiality, with some of his staff - this was recorded in open court - clearly discussing people's business with third parties? Has he a problem with that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Functions of NAMA: Discussion (24 Oct 2012)

Seán Fleming: NAMA's representative in the court contradicted that and it is on the public record subsequently. I have not read the full transcript of the court proceedings. What Mr. McDonagh has just said to us is that he, as the chief executive of the NAMA, contradicts the version in that e-mail that was sent to his staff member. He does not accept the accuracy of what his staff member received. Did...