Results 3,281-3,300 of 16,492 for speaker:Ciarán Lynch

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

Ciarán Lynch: I am trying to accommodate everybody. We are approximately 15 or 20 minutes into the discussion. Deputy Boyd Barrett has made his contribution and has been talking for 13 or 14 minutes. Will he conclude, with a couple of questions in order that I can bring in some other contributors?

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

Ciarán Lynch: Can I clarify one thing before we proceed with this because it is the subject of an appeal. Deputy Fleming is using the transcript from the court and is taking-----

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

Ciarán Lynch: I know that but the Deputy is taking a particular reference point from one witness who has contributed to the case. Has he read the full transcript of both sides or positions that were given on this?

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

Ciarán Lynch: If the Deputy is going to pursue a line of questioning-----

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

Ciarán Lynch: I know but-----

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

Ciarán Lynch: I would be mindful that the Deputy has not read the full transcript and-----

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

Ciarán Lynch: -----is selecting sections from it.

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

Ciarán Lynch: I will take Mr. McDonagh's concluding remark and then call Deputy Spring. Does Mr. McDonagh wish to add any further comment?

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

Ciarán Lynch: We will proceed to the second round of questions. Let me contextualise earlier questions, including that of Deputy Doherty, bearing in mind that the ultimate strategy of NAMA is to secure debt repayment and restructuring, as said by Mr. Brendan McDonagh in his opening statement. In applying this strategy, what would NAMA consider to be a success if a developer had a debt of €50...

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

Ciarán Lynch: Could I take the example a little further? The developer's debt would be controlled by NAMA but the developer would continue to manage the centre, for which work he or she would be paid a salary. This relates to examples from this meeting. Would all the decisions by the manager be countersigned by NAMA? Would the developer operate independently? I refer to the setting up of retail deals,...

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

Ciarán Lynch: Is there a process involving co-decision?

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

Ciarán Lynch: That relates to a point made by Deputy Fleming on the comparison of problems. In some cases, a landlord, or the developer, may be imposing upward-only rent reviews despite what the Minister for Finance, Deputy Noonan, stated in last year's budget speech. In one case in Cork, involving Harvey Norman and the Irish Bank Resolution Corporation, an effort is being made to apply an increase of 2%...

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

Ciarán Lynch: I refer to circumstances in which there is a haemorrhaging of money despite what one may be earning in mainland Europe or the United States. The company here may be haemorrhaging money.

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

Ciarán Lynch: I recommend so doing.

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

Ciarán Lynch: That was a statement rather than a question.

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

Ciarán Lynch: I note Mr. McDonagh nodded and I will take that as a reply.

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

Ciarán Lynch: I must ask the Senator to conclude. She has asked approximately 20 questions and it will take half an hour for them to be answered. Consequently, this is the last question I will take from her.

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

Ciarán Lynch: If the information Senator Hayden has sought from the witnesses is not to hand, they should furnish it to the clerk to the committee in tabular format, if possible.

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

Ciarán Lynch: Following Deputy Stanley, I will composite the last series of questions together because I have been around the house three or four times and every political party has contributed individually at least three times at this stage. When Deputy Stanley is finished his contribution, I will composite all remaining statements.

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

Ciarán Lynch: If the Deputy can keep the questions short, there can be back and forth. He will still have the same amount of time.