Results 2,001-2,020 of 11,187 for speaker:Colm Burke
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: They were-----
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Yes, but the impression may have been given that only 2,600 have been put into use-----
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: -----but Mr. McDonagh is now saying that more than 7,000 have been put into use.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Okay, but is it the case that they are physically in use?
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: One of the problems I am coming across is where financial institutions - this is nothing to do with NAMA - have received possession of properties. I have come across at least four properties where the financial institution has had possession of them for more than 15 years and they have remained idle for that 15-year period.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: I know of a number of properties which originally had mortgages with AIB and are now with Everyday Finance. They have all been idle for more than 15 years. Has there been any engagement with the banks, and especially with AIB? I ask this because NAMA came in and assisted AIB. Has there been any engagement with AIB as regards the number of properties they sold on to other financial...
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: I have spoken to the local authorities and they are saying they try to engage with the financial institutions and it is a waste of time. They cannot get responses.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: There was one situation where someone contacted me. She moved into a terraced 13 years ago and the house next to her has been vacant for that 13-year period. When I checked it, I found that people bought it in 2002 and a judgment mortgage was marked against it in 2012. It has been vacant for at least 13 years, if not 15 years.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: In the four cases I have they have been vacant 15 years.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: National Asset Residential Property Services, the agency now dealing with the houses in NAMA, was to transfer to the Land Development Agency in 2022. Did that occur?
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Mr. McDonagh has not been given any indication as to when that is likely.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: The loan book that would transfer with that-----
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Okay.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Are some units still under construction?
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Will those be delivered by the first quarter of 2025?
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: We are talking about 800 units.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: I will go back to the start of NAMA. It paid €31.8 billion as part of a write-down on loans of €74.4 billion. That was technically a 57% write-down. Taking into account what NAMA realised on its assets and everything else and the return, what has been the percentage write-down? Is it still approximately 50% in real terms from the original loans?
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: Yes.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: The write-down in real terms, when we take it all into account, is around 48% rather than 57%.
- Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)
Colm Burke: I know.