Results 1-20 of 83 for nama segment:8042147

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Seamus McCarthy: As members are aware, NAMA was established in December 2009 to deal with a crisis in Irish banking due to poor property-related lending. The core idea was for NAMA to acquire property-related loans from the commercial banks, to hold and manage the loans and related collateral and, ultimately, to dispose of those assets in a manner that protected the State’s...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: The reality was that when the debtors came into NAMA in 2010, and when the land bank came into NAMA, we supported the debtors with that land. This was in the period between 2010 and what was ultimately their exit. We funded planning permissions. We funded infrastructure. When the debtors exited NAMA, by one means or another, they built on the sites. They would...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: As Mr. McDonagh mentioned, some of this has been going on since NAMA was set up in 2009. It would have been shortly afterwards that NAMA became active on some of these. Tens of millions of euro have been spent on legal fees. I can understand why that would be so and NAMA has also defended cases in courts. Has there been any scenario where NAMA has had to dispense with the services of any...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: The committee invited us to discuss NAMA's 2020 financial statements and the Comptroller and Auditor General's special report on the progress of NAMA. I am joined today by the NAMA chairman, Aidan Williams; chief financial officer, Noelle Condon; chief commercial officer, John Collison; and head of strategy and communications, Jamie Bourke. NAMA last appeared before...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: NAMA operates in the public sector space. Very modest amounts were paid in performance-related pay in 2019. Nothing was paid in 2020. The people who work in NAMA were part of the National Treasury Management Agency, NTMA, and are fully knowledgeable about the situation the country is in, and the NAMA board members are also very cognisant of that.

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: When NAMA was set up in 2009, there was a big concern that because the country did not have the money to buy the assets - the loans - off the banks, NAMA would have to issue Government-guaranteed IOUs to the banks to pay for them it would be on-balance sheet for EUROSTAT reporting purposes. As it happened at the time, France got an exemption because it set up a vehicle...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Matt Carthy: I take this opportunity to return to work this committee did following our engagement with NAMA with regard to the Project Nantes loan portfolio, which resulted, according to our findings, in a loss of approximately €10 million to the taxpayer. Following our previous engagements, the NAMA board, essentially, refused to accept the figures or engage with us, and put all this down to a...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Seán Sherlock: I will start with the Dublin docklands SDZ. My understanding of this is that in 2014 NAMA adopted a secondary objective of the facilitation of the development of office accommodation in Dublin and had an interest in 17 ha of the 22 ha of the undeveloped land in the Dublin docklands SDZ. My understanding is that Mr. McDonagh's board approved a business plan for those sites in September 2014...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: If you were in NAMA, and the Comptroller and Auditor General will confirm this, in its first couple of years, we had in 2013 taken in excess of €4 billion of additional losses. Effectively, in terms of any profit NAMA has made, it has really been from 2014 onwards. We had to recover the €4 billion we lost in the first four years of operation. In the...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: Okay, that has been explained clearly. What Mr. McDonagh is telling me is the Troika basically told the Government, which in turn told NAMA, to get on with the sales and the agency lost €4 billion in the first three years. It is generally accepted, if you look at the trajectory for property prices and value over, say, the past ten years, that there has been a fairly rapid rise back...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: .... If we look back, there are some that we could point to where that would certainly be the case. Mr. McDonagh says in his statement that the growth in property values has allowed a number of NAMA debtors to refinance their debt. I accept that there was an environment wherein paying down the national debt was considered important. When we look at the housing crisis now, in terms of...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: Deputy McAuliffe is as láthair as well and Deputy Carroll MacNeill has not joined us yet but may later. I have a few questions for Mr. McDonagh myself. On the overall performance of NAMA, the €74.4 billion was the par value of the loans at the point when the agency acquired them. It got them at a 60% or 57% discount and €31.8 billion was the cost in public money. Mr....

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: NAMA is ahead of that. Is it true that more than half of the houses were social housing acquired from NAMA debtors, who were leasing to approved housing bodies?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: It is my understanding that NAMA sold sites that had the capacity for up to 81,000 units. It has only brought 6,800 to the market. Will Mr. McDonagh give the committee some insight into NAMA's thinking on this?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: Housing for All will see 1,400 homes transferred from NAMA to other State bodies but that seems paltry on NAMA's part, given the potential for 81,000. How was the figure of 1,400 arrived at?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: The 12,700 units NAMA has delivered to date represent approximately 63% of its own target. Why has NAMA fallen so far short of its target?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Alan Dillon: I thank the Chairman and welcome the NAMA officials. My first question is to Mr. McDonagh. Will he please outline to the committee whether there have been any discussions between NAMA, in its wind-down operations, and the LDA? What discussions have taken place to date?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...that, when we drew up the plan in 2015, we believed only 14,000 units were commercially viable and we would do our best to make the other 6,000 in the portfolio commercially viable. However, NAMA's is a live portfolio. We continued to sell land but also a number of our debtors, due to improving values, paid off their debts to NAMA and took the land banks with them. They then were no...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: If NAMA would provide that and the total amount paid out, by supplier, that would be useful. The Comptroller and Auditor General stated that the National Asset Management Agency Act does not define how the disposal value is measured. Why did NAMA not use the industry standard? Why did it deviate from that? Who decided to do that?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: It was revealed this morning that 1,400 NAMA units are in Housing for All. Obviously, NAMA has been dealt the hand it was given on this one. The fact that they are already in the social housing stock is disappointing to say the least. Some Deputies have indicated they wish to come back in. Deputy Catherine Murphy has three minutes.