Results 12,221-12,240 of 20,099 for speaker:Brian Stanley
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: I can let the Deputy back in on the second round. Deputy Colm Burke is in the Chamber but I hope he can join us soon.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Go ahead in that case.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: The Deputy's time is up. She may have a further brief question.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: I will let her back in again if she wants to come back in. If Deputies wish to come back in, they should raise their hands if they are not in the committee room. Deputy Dillon has five minutes.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Deputy McAuliffe is as láthair as well and Deputy Carroll MacNeill has not joined us yet but may later. I have a few questions for Mr. McDonagh myself. On the overall performance of NAMA, the €74.4 billion was the par value of the loans at the point when the agency acquired them. It got them at a 60% or 57% discount and €31.8 billion was the cost in public money. Mr....
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: I am not looking at it in simple terms.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: But the markets rose throughout those years, and substantially.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Could I put it to you-----
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Okay, that has been explained clearly. What Mr. McDonagh is telling me is the Troika basically told the Government, which in turn told NAMA, to get on with the sales and the agency lost €4 billion in the first three years. It is generally accepted, if you look at the trajectory for property prices and value over, say, the past ten years, that there has been a fairly rapid rise back...
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Am I correct in saying that up to a couple of years ago, many of them would not have paid the 100% loan back?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: If most of them paid back with interest, why are we finishing up with sum of €37 billion or €38 billion?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Let me finish the point. Why is the best-case scenario a yield of €37 billion or €38 billion on loans that cost €74.4 billion? The taxpayer had to bridge the €39 billion in between. Why are we achieving less than half the amount, if they are paying back over 100% of what-----
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Given the hit that the taxpayer took, the conclusion must be that at best NAMA is achieving just under 50% of the par value of the loans. The net result is the taxpayer, the public, still needs to bridge that gap and pay that back. Our children and our children's children will pay it back. That is the point I am making. I take on board what Mr. McDonagh said about the amateurs. The banks...
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: They have been sold to a British firm, have they?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: Have the 69 units in Malahide been sold to a British consortium for €433,000 each?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: How many vacant homes does NAMA have at the moment?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: How many vacant housing units, finished or partially finished, does NAMA have on hand at the moment?
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: It was revealed this morning that 1,400 NAMA units are in Housing for All. Obviously, NAMA has been dealt the hand it was given on this one. The fact that they are already in the social housing stock is disappointing to say the least. Some Deputies have indicated they wish to come back in. Deputy Catherine Murphy has three minutes.
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: I thank Mr. McDonagh. We will return presently to other Deputies who might have follow-up questions. To return to the overall sums, the par value is €74.4 billion, having been bought by NAMA for €31.8 billion. The agency has a surplus of €4.2 billion and that will, one hopes, go closer to €5 billion, although that still leaves us in the region of almost...
- Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)
Brian Stanley: On the last question-----