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Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: On our way in this morning, we received from Deputy Maureen O'Sullivan and a group concerned about Project Jewel a list of questions regarding the sale of the portfolio. It refers to issues regarding the National Museum and its report. I can go through the questions if the witnesses wish, or give them a copy, but if possible I would like to get replies to some of them. Did the group ask to...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: It is the relatives of those involved in 1916.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Did NAMA meet with them?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Yes.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Rather than delay the meeting, I will give the witnesses a copy of the questions. Could they also confirm whether they were asked to meet the relatives of those involved in 1916 and whether they did so? Will they provide replies to the seven questions that were passed on this morning to members, or certainly to me, as I came to the House?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: I want to put this in as part of the correspondence from the committee to ensure there is a follow-up to it. On general matters, I will not delay the witnesses, as we are here for quite a while. Without going again into the allegations that were made by Deputy Mick Wallace in the Dáil, I listened to what the witnesses had to say. When the allegations were made in the House, did NAMA...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Would Mr. Daly not consider sending him a letter? Mr. Daly covered the allegations in his opening statement.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Deputy Perry raised the issue earlier of damage to NAMA and its reputation. I fully understand that, but I also understand that when Members of the House get queries or are told things, some of us will act responsibly and check them out and perhaps raise them afterwards, but every man and woman has his or her own way of doing business. Deputy Wallace has done it this way, and although he...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: I thank Mr. Daly. In relation to the data room, entry to it and how information is exchanged there, is there a set of rules laid down for those who use the data room? Is one of those rules that one does not go out and talk to those who are associated with the loans and other such areas? What action is taken to ensure the rules are adhered to, because once one is in the data room and has...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Is that an extensive set of rules or is it a simple set of rules? Could Mr. McDonagh give us a copy of the rules that people are following within the data room?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Okay. These are just small issues but NAMA does not talk about the statements of Johnny Ronan and Michael O'Flynn because it has been before the committee of inquiry. Is that it? I am just taking it from-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: So NAMA cannot do that, no?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: On the Northern Ireland committee, I acknowledge NAMA has answered the various questions, but is its non-appearance there because it is outside the jurisdiction?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: In essence, that is it. I note this committee co-operated with the Public Accounts Committee in Northern Ireland on another issue and in that regard, I found that to be highly beneficial to the whole process of understanding where the money went, how it all functioned and so on. It was a worthwhile exercise for this committee and it showed how the two different jurisdictions can function...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: In Mr. McDonagh's opening statement, he mentions houses and how NAMA is supporting 6,500 jobs directly. Is it the case that NAMA is now a development company in terms of seeking planning permissions and building houses?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: How does it operate?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: When those houses are built, they are built by a developer.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: There is a profit margin in it and it will not distort the market in respect of the provision of cheaper houses, which may be a concern.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: Is it a work-out process?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

John McGuinness: There is a question from Deputy Deasy on which we will finish.

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