Results 6,561-6,580 of 7,777 for speaker:Joe Costello

Public Accounts Committee: Business of Committee (18 Dec 2014)

Joe Costello: I have no wish to cut across either you, Chairman, or the clerk but I am calling for this to be scheduled for January and I will explain why. NAMA and Dublin City Council have moved to take over the strategic development zone area in the docklands. Nevertheless, it appears that the Dublin Docklands Development Authority is still disposing of property. It would seem those in the...

Public Accounts Committee: Business of Committee (18 Dec 2014)

Joe Costello: On a related matter, there was a statement from the president of the Irish League of Credit Unions to the effect that it was going to invest €1 billion in the new housing strategy. It is related to lending matters and perhaps it could be included in the question as to how it envisaged this enormous amount of money, considering there are great restrictions on small and medium...

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: I welcome the delegation from NAMA. Five years ago this month when we were debating the legislation in the House many had reservations as to whether NAMA would be a success and if it could achieve what was intended. Its presentation and the work that has been done indicates that it has achieved much in the past five years. Its approach was probably right that it would start with the UK...

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Does NAMA expect to have a surplus by 2018?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: And it expects to pay all its senior and junior bondholders. Is that correct?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Is that a decision that NAMA takes on its own in respect of the junior bondholders or how is that decided?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: The Irish credit union movement is in that too.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: It is mainly AIB.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Can Mr. McDonagh give the committee an idea of the rate of interest on those borrowings?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: It was 5.2%.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: In relation to NAMA staff, Mr. McDonagh said it was losing quite a number of staff at the higher echelons.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: They would be senior staff, so they would be NAMA's most valuable staff with presumably most experience. Has NAMA any proposals in place or any criteria in place in respect of a cooling-off period to ensure they do not go immediately across to the other side and become advisers to developers and so on?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Sorry, a three month-----

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: I presume NAMA has its spies out and about and would know whether previous employees have gone to the dark side, so to speak, according to people who would be very interested in optimising-----

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Can Mr. McDonagh give me an indication as to any number of people who had previously been employed by NAMA who are now employed with developers?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Or does Mr. McDonagh wish to come back to me on that issue?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Nevertheless it is people at the senior level, by and large, who are leaving.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Has NAMA still got a concern about people moving on as it did in its annual report?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: The trend is increasing.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Joe Costello: Has it affected Mr. McDonagh or NAMA in doing their work?