Results 4,301-4,320 of 5,388 for speaker:John Deasy
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: In hindsight, did NAMA get it right a year later? That is also important.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Chairman, we have been here for two and a quarter hours. We have only got until 1 p.m. Only two people have asked questions so far and there are probably four or five people waiting. There needs to be some kind of splitting of time.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: If I may follow on, Mr. McDonagh came here in May of last year and said the net loss involved with this was €200 million. In his statement he has now upped that net loss to NAMA to €280 million. Can he explain that? What it just not clear to him a year ago?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Some might say that was a pretty big gap. I accept Mr. McDonagh's answer. That is fine.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: I wish to pick up on a similar point to that which Deputy Fleming raised - namely, the divergence between materials from the Comptroller and Auditor General and the materials NAMA has given us. For example, the Comptroller and Auditor General talked about where the properties are geographically and said that 68% of the properties were located in Northern Ireland. In Mr. McDonagh's...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Where is the---?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Mr. McDonagh is talking about value and Mr. McCarthy is talking about numbers. Okay. I am more concerned about the €280 million that was lost, and ultimately the cost to the taxpayer, than I am about the process. I would like to dwell on that for a moment. Mr. Daly gave reasons as to why he felt it was probably the right thing to do when it came to the disposal of this loan book....
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Even if we take the residential market, in the year previous to April 2015 it grew by 15%. I know about commercial property, but even in Northern Ireland in the past year, going back to April 2014, the figure seems to be approximately 9%. It was 8.8%. It was the highest growing region in the United Kingdom, with England at 5% and Scotland at 2.2%.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Yes, and less so in commercial but there was an upswing. The loan book was sold at the point the market turned. Somebody could analyse this based on figures and growth in the year beyond when the decision had been made by the board, and this is the key point for me. We have spoken about this three or four times since 2012 when the two witnesses have come before the committee. We have...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Is Mr. McDonagh happy now that was the right decision?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: It is a hypothetical question, but what would Mr. McDonagh sell it for now considering how the markets have actually-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Not much more.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: Would NAMA get more for it than it would have got a year ago?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: This is important. Mr. Daly dealt with the misinformation and disinformation in the media with regard to the €5.7 billion. It is important these errors are corrected. If this is clarified, we are back to the €1.6 billion paid for acquiring these loans in the first place and the €280 million that was ultimately lost. All I am saying at this point is the taxpayer will...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: I understand. I was using it as an example, but it did show an indicator with regard to the markets generally.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: That is fair enough.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: I am trying to figure out whether NAMA's analysis has been good. That is fair enough. We are dealing with taxpayers' money and it is fair game to ask the witnesses about their analysis and whether it was correct at the time. I need to get a specific answer and the committee has only an hour left.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: A large chunk of this - 33% - was in the UK. With regard to these types of properties and geographical locations, give me an idea as to how much the market there has gone down or up. It comprises a fair chunk of this. Can Mr. Daly answer that? Does NAMA analyse this after the fact? It should do so to see whether the analysis made in the first place was correct.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: In which NAMA still has assets, but not in which it had assets.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
John Deasy: It would not be exactly the same-----