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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (13 Jul 2017)

John McGuinness: Before we proceed to our main item, I wish to record the following decisions taken by the joint committee on EU proposals. The committee agreed that the EU proposal listed in Schedule B - COM (2017) 318 - did not warrant further scrutiny. It further agreed that the EU proposals listed in Schedule A - COM (2017) 297 and COM (2017) 329 - did not warrant further scrutiny. Details of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Item No. 9 is an overview of the operations and functioning of the National Asset Management Agency, NAMA, and its annual report for 2016. I welcome Mr. Frank Daly and Mr. Brendan McDonagh with their officials. By virtue of section 17(2)(l) of the Defamation Act 2009 witnesses are protected by absolute privilege in respect of their evidence to the joint committee. If, however, they are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Waterford were training for a long time for that win.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: I want to return to the opening statement and ask about the offer of public housing. Some 7,000 were offered and 2,768 have been taken up. What happens to the balance of those? Are they sold on to private developers or are they still vacant?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: It is the case that most of the properties to which the figure of 7,000 relates have now been rented?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: But they are rented or sold. They are not vacant.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: How many are vacant?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: That is 72 out of all of the units NAMA has left.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: So the owners have been successful in letting or selling those houses, yet the local authority refused them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Did they give NAMA reasons as to why they refused them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: So even though they refused and offered all those explanations, the owners of the properties were still able to find buyers or tenants.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: The witnesses mentioned that NAMA is to wind up in 2020 or thereabouts. How many legal challenges is the agency currently involved in?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: What has been the cost of those 100 cases to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Will those cases be resolved before NAMA concludes its business?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: What is NAMA's success rate to date?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: So there were three cases lost.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: I do not like losing, Mr. Daly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Does mediation work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: Are these Irish mediation companies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of Operations and Functioning of NAMA: Discussion (13 Jul 2017)

John McGuinness: What about from other jurisdictions?

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