Results 941-960 of 1,776 for speaker:Derek Nolan

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: My question was mainly about the Irish market.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Did the NAMA strategy of disposal in Ireland force up prices?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: While I accept that point, the issue is that the impairment value is based on a judgment made by NAMA in 2009 and 2010. The agency is revising its own estimates.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: On the base case, it was intended to realise an initial profit of €1 billion. It is now more likely that NAMA will break even. Given the decline of 25% in the market value of NAMA's Irish portfolio, the agency must make up lost revenue if it is to reach a break-even position. How is the gap being bridged? Surely it will be greater than €1 billion.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Was NAMA's projection that it would receive €2 billion in rental income based on a figure of 25% in terms of paying rent?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: A bank dealing with a customer would examine the case made for a loan when it was provided and measure the loan against projections to see how the customer was doing. That is the issue I am trying to get at.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Mr. Daly is getting to my point, namely, that the position has deteriorated since NAMA was established. The agency's projection that it would make a profit of €1 billion has changed to one where it expects to break even. Given that only one third of the NAMA project has been completed, I am worried that in one or two years the projection may change again to one of making a loss of...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: On NAMA's portfolio disposal strategy, while the agency has a huge portfolio, it has been concentrating on the disposing of assets abroad. To what extent has that contributed to the fact we are seeing a resurgent interest in and demand for properties in Ireland? Is that because NAMA has not been disposing of its assets in Ireland, but has been withholding them, thereby creating demand and...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Mr. McDonagh does not believe there is an issue at the moment with staff leaving. He does not believe anything needs to be done to tighten up on compliance contracts, etc.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: The rough plan to which I referred is the strategy for the disposal of assets between now and 2020, which relates to debtors and cashflow projections. Would any of those who have left NAMA have been in possession of that information?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Did that person go to work for a property investment company?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: I would like to ask about the impairment of €3.3 billion that NAMA has on its property. Mr. McDonagh explained that some of it is quite technical and relates to year-on-year interest calculations that are based on assets that are not generating income, etc. Surely some of it must relate to a simple revaluation of the portfolio based on current market value. Could Mr. McDonagh split...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: I would like to tease out the €3.3 billion figure because I want to understand it. As it accounts for almost 10% of the value of the portfolio - €3.3 billion is 8% or 9% of €34 billion - it is quite a significant figure. How much of an impairment had NAMA projected into its base case in 2010 when NAMA was set up?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: That goes back to the point I was trying to make. NAMA did the initial assessment of the loans, before it took them over in 2010, in order to calculate the discount. Is that right?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: NAMA did the analysis. It decided the loans were worth a certain amount. It did the long-term economic value tests and so on.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: I welcome Mr. McDonagh and his officials. To pick up on his final point, the contrast between the situation for those operating under the personal insolvency regime and those working on a commercial basis with NAMA is that under the former regime, there are very strict limits on what people can spend and the lifestyle they can lead is very tight, whereas in the case of three people working...

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: I accept that out of the 50, there would always have been some who would have left anyway, for family or personal reasons, for example ---

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: Where are most of the former employees going? The Irish banking market is shrinking. People in AIB are being given voluntary redundancy, as are staff in Bank of Ireland. There does not seem to be very many job opportunities in the Irish banking sector. Are NAMA employees going abroad?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Derek Nolan: One of the issues that has featured in media reports that many people are talking about is the number of people who are leaving NAMA to work for private equity and property investment companies which are investing in the Irish market. There is a perceived conflict of interest in people leaving an organisation which manages one of the largest property portfolios in the world to go to work for...

Public Accounts Committee: Business of Committee (26 Sep 2013)

Derek Nolan: Is the Comptroller and Auditor General's office undertaking an examination of the issues surrounding the liquidation of IBRC, its impact on NAMA and so forth? Will such a decision arise when the office audits next year?