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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: The witnesses have told us that they have referred none to the police anyway.

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: They have all been accepted in good faith on the basis of the property assigned.

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: With all due respect, we have Mr. Daly here who had an outstanding career as Chairman of the Revenue Commissioners. He would have done some check or some bit of an audit. If he had hundreds of thousands of people making their statutory returns there was always some procedure or check in the Revenue Commissioners. I would have more confidence in this if I felt that there was a threat of a...

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: Forgive me for not reading that paragraph-----

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 surprised now that from what appeared to be a one-off issue, it is now clear that NAMA has no verification process in place to verify any of them.

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: Take it from me as Chairman of the Committee on Public Accounts that from where I am sitting that is a gap in NAMA's governance. There should be some spot check or verification. That is all I will say. I am not making a formal statement on it but the witnesses can understand that I am surprised that there is no process of having a spot check to let everyone know that these declarations are...

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: He had no contact with people connected with Avestus, the purchasers.

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: That is all I am asking. That is fine. That only arose because of this morning's issue but I did not realise it would go that far. About how much debt does NAMA still have?

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: Given that the uplift in the property market is happening and the witnesses are saying that some people are coming back with the increase in value, is there a possibility that the level of profit that will be made out of the recovery of that €2.7 billion might be higher than would have been experienced in previous years because of the property market? I know the €3.5 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: Give me some thoughts on 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: What is the value of that loan book?

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: Is that the carrying value?

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 was the carrying value before the fair value was brought into it?

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.

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: Okay.

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.

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 understand 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: Fine. I appreciate Deputy Cullinane has to leave. I have another question about the surplus. Has the Department of Finance had discussions at EU level with EUROSTAT about the use of the surplus when it is ultimately handed over? We had a discussion on this here before. We were told that because NAMA is unique, there are no specific European or EUROSTAT rules on it. Historically,...

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: Surely the Department has to put plans in place.

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.

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