Results 11,081-11,100 of 32,978 for speaker:Catherine Connolly

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: I am not trying to get numbers as such. There are three cases with the gardaí and other cases have been sorted out between NAMA and the debtors in question.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: Of the banks whose debts we took, AIB and Bank of Ireland are the two dominant ones that have survived. NAMA pays service charges to them.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: They are part of the administration costs.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: The money goes back to the banks.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: What is the figure for 2016?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: The banks did it up to a certain point.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: The only bank left now is AIB.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: In 2016 it got €3.3 million.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: Who is the primary service provider now?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: That company is administering the fee.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: I will come back to the breakdown of social housing in a minute. NAMA is talking about the success it has had in being able to give money back to the State but that applies if one draws a circle. If one draws an inner circle, in which NAMA is making a surplus, and an outer circle the space between the inner and outer circle is what the taxpayer has borne in addition, through recapitalising...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: NAMA is doing its job in terms of the Act. In my opinion, the Act has a separate part. NAMA has not received one directive from any Minister relating to its duty under the Act.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: That is Mr. Daly's understanding of what his job is. I am not finding fault with that but I am pointing out that no Minister has given directions under the other objectives, which are very important to me. The next thing is value for money. There is a tribunal as we speak, a commission of inquiry relating to a particular project from NAMA and its costs. I see NAMA as inadvertently part...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: Absolutely, but I am trying to tease out what is happening. On the question of value for money, if property prices keep rising as they are, NAMA is getting a return and it looks good on paper. In the meantime we have a housing emergency. We are paying €300 million in housing assistance payments this year alone to private developers. These things are the implications of having no...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: Let us look at the return as highlighted by the report of the Comptroller and Auditor General. It uses a new phrase, "entity return" and mentions the different ways of measuring the return. Can the witnesses comment on what he has highlighted here? He states that you do not use the standard method of confirming the return. He refers to an entity return on investment, EROI, and an internal...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: It was not the market value.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: There are two ways of measuring this. The Comptroller and Auditor General has highlighted the fact that NAMA does not use the standard way of doing this.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: I will ask him to comment on this.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: I am left now not understanding this. I put my hands up. I am being told by the Comptroller and Auditor General that NAMA is not taking the time value into account in the metric-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Catherine Connolly: Let me finish. I am not an economist or a financial. That is what I read in the summary and it is repeated in the report. It says the Act requires NAMA to obtain the best achievable financial return. In 2014, and only in that year, NAMA set an entity return on investment target of 20% and on that it achieved 33%. The report says that this measure does not take account of the time value...