Results 9,781-9,800 of 34,868 for speaker:Seán Fleming
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: The next question I want to ask concerns the €23.5 billion in disposals to date. In respect of the actual disposals - those loans are gone now - what impairment had NAMA against them? In other words, what was the book value of NAMA's actual disposals to date? I am not talking about the book value in the banks but am saying the €23.5 billion was realised by NAMA on a certain...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: That is in respect of the assets NAMA still has. I am talking about the assets disposed of by NAMA that led to the receipt of the €23.5 billion. I am referring to the current impairment. I will come to Mr. McDonagh's point in a moment.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Since inception, given the €23.5 billion, what was the impairment on that? What was the book value of those loans?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: In 2014 alone.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Cumulative.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: I wish to understand this. Mr. McDonagh is saying NAMA has sold two thirds of its portfolio, by and large, and had only €600 million-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: But Mr. McDonagh is telling us NAMA has €14 billion left. What is the impairment?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: So how could NAMA have five times the impairment on the 40% or the 35% of its portfolio?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Can we reasonably expect - one probably has to be a bit prudent on this - that the current cumulative impairment value of €3 billion or €4 billion-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Will most of that be written back in terms of surplus based on the fact that NAMA sold two thirds of its portfolio to date and has had only €600 million of a realised impairment? Is there a lot of reserve accounting-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Mr. McDonagh said a moment ago to Deputy Perry that NAMA has about €7 billion to repay on its bonds.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: We will move on. Mr. McDonagh might send us a summary for each of the five financial years on the book value of what NAMA sold compared with the actual amount generated, and the value of the crystallised impairment.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: I did not see it. Perhaps Mr. McDonagh has it to hand.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: What page? I will look at it.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: I am looking at that but it does not give a breakdown by year.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Mr. McDonagh might send us a breakdown of NAMA's portfolio based on geography. This was mentioned in general to Deputy Perry. Mr. McDonagh gave some key headlines a moment ago. Could the details be sent on to us? My next question is on a point that might have caught people's eyes. On page 118 of the accounts, NAMA refers to the payments to the Northern Ireland Advisory Committee. Mr....
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: He had the expert beside him but had to go get clarification.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: That was a figure of about €35,000. Was that a voluntary disclosure or did the Revenue Commissioners come in and require it?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: So it was a voluntary disclosure. I found the reference in the accounts unusual. NAMA is managing a lot of its portfolio itself but it has participating institutions managing some of the activity. Mr. McDonagh mentioned AIB and Capita. To be helpful, we see on page 13 that NAMA made 181 insolvency appointments and the other companies working as agents for NAMA appointed 275. What...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)
Seán Fleming: Did Bank of Ireland manage its own?