Results 11,641-11,660 of 34,627 for speaker:Seán Fleming

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Would much of it have been America?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: What about from outside the State? Of the €24 billion of underlying assets, how much would have been sold to organisations resident outside the State?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: At least €15 billion of the €24 billion.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Maybe even €20 billion. NAMA is about 90% of the way through the project it was given ten years ago. I am trying to get the big picture of what happened rather than waiting for someone to do a thesis in ten years time. I want to learn a bit before that. I am getting a picture that shows €11 billion of loans being sold substantially to American and other foreign investment...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Yes, but they were Irish loans.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: No. I am trying to get a picture of NAMA from beginning to end. The €71 billion in bank loans were in Irish banks and financial institutions. I want to know where those loans, which were discounted by approximately 50%, ended up. In what country did they end up? How much of the €71 billion in loans ended up being controlled by financial institutions outside the State? This...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Does Mr. McDonagh not have an idea?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: If I am asked to tell the story of NAMA to a later generation, it is beginning to look to me like the story will be that we had €71 billion of debts in Irish financial institutions and set up an organisation, a temporary holding company, whose function was to export the ownership of the vast majority of that €71 billion to foreign investment companies. We took it from the...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Do the witnesses understand the picture I am describing? We started with €71 billion. Where has it ended up now?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: NAMA was set up to manage it and, because of the financial crisis and the shortage of capital, the outcome was that we transferred the control and the ownership of the entire banking debt of Ireland to private investment companies outside the State. I am not saying it was set up to do this but that is what seems to have been the outcome.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I will never write the book. You can be clear about that.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: It will be about a ten-year exercise for NAMA from 2010 to 2020.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I do not think Mr. Daly will write a book about it either. I hope the witnesses understand that I am just trying to put in a paragraph about what NAMA did. It took in excess of €71 billion in Irish-controlled bank debt, for which it paid €31 billion. It held it for the State and ultimately disposed of it outside the State to private investment companies. Essentially, we...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I am not saying it is good or bad. I am just trying to write the story.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I know that.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: So it was nothing to do with Ireland at all.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I thought the witnesses would have had a better handle on how much of the debt they took over was now controlled outside the State, as opposed to within the State.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Yes. I said it started off as a private debt, was nationalised, and is now being reprivatised.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I am just trying to follow the geographical money trail. I know there is another chapter for the next decade. I am trying to get the global picture. Statutory declarations under section 172 were mentioned and it was stated that falsely signing a declaration was an offence. Have there been any prosecutions by the Garda relating to section 172 declarations?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: If somebody wants to buy a portfolio from NAMA and sets up a company in Luxembourg to do so, what jurisdiction applies to the section 172 declaration?