Results 9,801-9,820 of 34,866 for speaker:Seán Fleming

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: And the remnants of IBRC-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: In other words, Capita has taken over the management and AIB and Capita are the only people left. Of the €14 billion portfolio remaining, is NAMA managing practically-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: By the others.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: That is interesting. NAMA had a bigger volume of debtors to manage but the quantum of money was less.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: I have two final questions. We all know since 2010, although we are probably a bit rusty on it, the breakdown of the loans transferred to NAMA from the various institutions including Anglo Irish Bank, AIB, Bank of Ireland, etc. Of the €14 billion in place now, can Mr. McDonagh give us a breakdown of the banks those loans came from originally? How much of that is AIB? How much of it...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: Can we tease that out because there is a little lack of follow-through of information on behalf of the taxpayer that I will ask Mr. McDonagh to revisit, if I am hearing him correctly. He will understand when I make clear what I am coming at. When NAMA was being set up, approximately €70 billion of loans were transferred to it at whatever figure. There was approximately 50% of a...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: Mr. McDonagh may not be in that space but from the outside, that is an important question. I would ask Mr. McDonagh to take it into account.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: NAMA is costing us a lot of money.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: How many debtors are we talking about?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: We will forget about the properties because-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: The loans came from institutions, is that right?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: Some of the properties might have had loans from more than one institution. Somebody could have got money to develop a site. Somebody else could have got it to commence construction.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: I am surprised to hear that, based on what Mr. McDonagh is saying to me now, when NAMA winds up sooner or later we will not be able to see the outworking of the loans it took over as to what each of the institutions cost. The biggest issue as a result of the banking and the property crisis is how much went in to bail out the banks. If NAMA comes out with a surplus or something else at the...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: That represents €60 billion of the approximately €70 billion, which is 85% of it. In terms of 250 cases, it cannot be impossible for people to break down the loans because if, hypothetically, NAMA did a deal with a debtor - I am not talking about any one case - and €100 million went into it but, ultimately, it only got €50 million and that money was spread over...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: It would be good to have a breakdown for the 250 big ones anyway, or even some analysis. Mr. McDonagh must have a gut feeling about it himself.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: Is there anything preventing NAMA at this stage from paying a big dividend back to the Irish taxpayer today, tomorrow, next week or before the end of the year? Mr. McDonagh has told us NAMA has made €1 billion and that it will make €1.75 billion, and that is a prudent figure. What is stopping Mr. McDonagh from handing the Minister for Finance a cheque for €1 billion...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: I believe Mr. McDonagh is confident about the figures he has given us. I can understand him not wanting to pay back anything to the taxpayer until everything else is sorted out, but I do believe he has confidence in his projection that NAMA will make €1.75 billion. It is a different issue if he is not confident that he will achieve that, but I do not believe that is the case. If Mr....

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: But Mr. McDonagh has said he is two years ahead of schedule.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: NAMA has €1.8 billion.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Seán Fleming: I went through the NAMA figures a moment ago and I read them out at the beginning of my contribution. NAMA has €1.8 billion sitting in cash, as we speak.