Results 24,961-24,980 of 34,778 for speaker:Seán Fleming

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

Seán Fleming: I welcome Mr. Daly, Mr. McDonagh and their colleagues. It has been a long day. I will briefly address an issue that a number of members mentioned. It would be helpful if NAMA attended the Northern Ireland Assembly's committee meeting to assist in the latter's inquiries. I also agree with those members who asked that another Deputy appear before this committee to help us with our...

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

Seán Fleming: Going by the aspects that NAMA has been able to verify, was what was said in the Chamber untrue?

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

Seán Fleming: The company has not exited NAMA at all.

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

Seán Fleming: Okay. That was a particular allegation.

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

Seán Fleming: Yes. We would all like to-----

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

Seán Fleming: The minute Mr. McDonagh heard the allegation, he took the matter seriously and wrote to the Garda Commissioner to ask for an investigation.

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

Seán Fleming: We will move on. I was concerned by the mention of wrongdoing, particularly the allegation made by a Member of the Oireachtas, and I wanted to air the matter with the witnesses. I wish to ask about NAMA's presentation to the committee today so that people can get a fix on NAMA's overall situation. We could address a large number of issues exclusively, but I just want a picture. Instead...

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

Seán Fleming: Those figures were not in the summary Mr. McDonagh gave us today. NAMA paid €3 billion in interest so far. What is the average interest rate being paid?

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

Seán Fleming: The next question I want to ask concerns the €23.5 billion in disposals to date. In respect of the actual disposals - those loans are gone now - what impairment had NAMA against them? In other words, what was the book value of NAMA's actual disposals to date? I am not talking about the book value in the banks but am saying the €23.5 billion was realised by NAMA on a certain...

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

Seán Fleming: That is in respect of the assets NAMA still has. I am talking about the assets disposed of by NAMA that led to the receipt of the €23.5 billion. I am referring to the current impairment. I will come to Mr. McDonagh's point in a moment.

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

Seán Fleming: Since inception, given the €23.5 billion, what was the impairment on that? What was the book value of those loans?

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

Seán Fleming: In 2014 alone.

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

Seán Fleming: Cumulative.

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

Seán Fleming: I wish to understand this. Mr. McDonagh is saying NAMA has sold two thirds of its portfolio, by and large, and had only €600 million-----

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

Seán Fleming: But Mr. McDonagh is telling us NAMA has €14 billion left. What is the impairment?

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

Seán Fleming: So how could NAMA have five times the impairment on the 40% or the 35% of its portfolio?

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

Seán Fleming: Can we reasonably expect - one probably has to be a bit prudent on this - that the current cumulative impairment value of €3 billion or €4 billion-----

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

Seán Fleming: Will most of that be written back in terms of surplus based on the fact that NAMA sold two thirds of its portfolio to date and has had only €600 million of a realised impairment? Is there a lot of reserve accounting-----

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

Seán Fleming: Mr. McDonagh said a moment ago to Deputy Perry that NAMA has about €7 billion to repay on its bonds.

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

Seán Fleming: We will move on. Mr. McDonagh might send us a summary for each of the five financial years on the book value of what NAMA sold compared with the actual amount generated, and the value of the crystallised impairment.