Results 21-40 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. Brendan McDonagh: Yes. The entire 2,629 were all acquired from NAMA debtors. Some 1,376 are part of the National Asset Residential Property Services, NARPS, a vehicle we set up, which will now transfer to the Land Development Agency, LDA, under the Housing for All strategy. We put them on our balance sheet. They are leased to approved housing bodies, AHBs, and they will transfer to...

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

Imelda Munster: Am I correct in saying that, in reality, rather than delivering 2,500 social houses, NAMA facilitated 1,300 houses to remain as social housing and then brought a further 1,200 into the market?

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

Imelda Munster: ...it was a funding issue from the perspective of the local authorities. They were trying to get the funding to purchase the houses. I will move on to the commercial residential targets. In 2015, NAMA set a target of 20,000 units and by the end of 2018 the delivery date was changed to the end of 2021 and the target was revised down by a third. What happened in the intervening period to...

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)

Imelda Munster: How many have been delivered to date? What was NAMA's projection?

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

Mr. Brendan McDonagh: Our projection was for us to have delivered somewhere between 11,000 and 12,000 units directly and approximately 8,000 through builders who were in NAMA at one stage but have since left.

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)

Imelda Munster: Did the Minister ask NAMA how many it could provide?

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

Cormac Devlin: ...as I must return to the Chamber. I thank Mr. McDonagh and the Comptroller and Auditor General for their opening statements. I will ask a few brief questions. Mr. McDonagh has highlighted that NAMA does not own the development sites in its portfolio and that they are instead owned by the debtors, which is straightforward enough. How many of the sites that were in the guardianship of...

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

Cormac Devlin: If a debtor did not maintain or extend the planning permission for one of those sites, the value of that asset would have depreciated significantly. Did NAMA encourage debtors to extend or maintain their planning permissions?

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

Cormac Devlin: This follows on from my questioning when NAMA was before the committee last year. I want to know whether there has been active management of those portfolios, given that we, as the taxpayers, want to ensure that we get the most value out of them. Is Mr. McDonagh telling us that his team actively encouraged and supported the extension of those planning permissions?

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

Mr. Brendan McDonagh: Absolutely. It is in NAMA's interests as well as the taxpayers' that the value of sites be maintained or enhanced.

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

Cormac Devlin: ..., Chairman. Will Mr. McDonagh touch on the wind-down? He referenced the strategic plan from 2022 to 2025. What does it entail? He might talk the committee through it. The next time we speak, NAMA will probably be in the throes of that plan.

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

NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General

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)

Mr. Brendan McDonagh: The board is working on the wind-down of NAMA at present. We will submit the report to the Minister within the next month or so. We expect that the report will ultimately be published by the Minister if he accepts it. We will plan each year from 2022 to 2025 for how the portfolio is going to decrease, how we are going to decrease staff numbers and how we are going to...

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)

Imelda Munster: Did the Minister ask how many NAMA could provide or did he ask for 1,400 or another amount specifically?

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

Mr. Brendan McDonagh: In simple terms, as we sit here today, NAMA has a €2 billion balance sheet, which we want to get down to zero by 2025. We are planning on doing that by disposing of the remaining assets but also by managing them to improve their value. Some of them are valuable land banks. Of the remaining portfolio, 81% is in Dublin, most of which is contained in the second...