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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: A specific question, Deputy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: In paragraphs 2.4 and 6.1 of the mortgage arrears resolution targets, the Governor makes specific reference to the fact that the Central Bank can impose more severe reserve requirements if the banks do not comply with the targets. That is the question Deputy Spring has asked. Would Professor Honohan address that specific point?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: Time, Deputy.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: If the banks do not deal with the mortgages in what Professor Honohan regards as a sustainable way, how quickly will he impose the extra reserve targets provisions, as set under the resolution targets?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: What about the targets?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: Pray tell.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: How quickly will the Central Bank make life quite difficult?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Matters Relating to the Economy: Discussion with Governor of Central Bank (25 Sep 2013)

Kieran O'Donnell: The Irish taxpayer.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: I do not know which hotel he stayed in, but it obviously was not a NAMA hotel. NAMA was established for the purpose of getting credit flowing again, to take pressure off banks' balance sheets and provide a structure to get the economy moving. I will deal in my questions with the reasons for the establishment of NAMA and its achievements to date. I am asking questions from the point of view...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: The gross loan book could be even higher.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: NAMA is enormous. On the Irish property landscape it is like an ocean liner with small boats circling around it. I wish to deal with the issue of performing loans. When was NAMA established?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: When did it commence operations?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: When did it reach the point where its balance sheet was complete in the context of transfers?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: Will Mr. McDonagh indicate the difference in the percentage relating to performing loans between the time NAMA commenced operations and now? That is the first figure I would like to establish because, as with any business, I would like to carry out a comparative analysis. Obviously, this is the taxpayer's business.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: Okay.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: What is NAMA's current cash balance?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: I wish to focus on the payment of dividends. How much has been paid to the covered institutions - the banks - in respect of NAMA bonds to date?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: Therefore, the banks have received just short of €8 billion in capital and interest repayments. Is that correct?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: To whom is the dividend paid?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Kieran O'Donnell: Who are the private investors?

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