Results 13,581-13,600 of 15,555 for speaker:Eoghan Murphy
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I thank the Chairman for allowing me back in. I apologise to the witnesses for coming in a second time but it does relate to what I said earlier before the witnesses came in about the committee taking more of a role and spending more time and resources with NAMA. I want to briefly touch on a few things and look at something relating to process. I know there is not much that the delegation...
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: That would be an amount potentially in the region of €20 billion?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Is it envisaged that this will come into NAMA or will a second NAMA be set up?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: So NAMA will work them through those two different special purpose vehicles?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: So IBRC moving across will in a way completely undo NAMA's business strategy?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Can NAMA do that? Can it manage the assets in terms of the asset management phase NAMA is now in - working on the first SPV while then doing all that diligence work on the second?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: That, in itself, will take time.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: The other issue was the relationship to the troika because it was mentioned a few times. It set the repayment schedule for the bonds up to 2020.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: The plan we have in place and the targets we were talking about earlier - 50% by 2016 and 80% by 2018 - were set by the troika.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Did the troika set them?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Will the troika have influence post-2013 on the repayment schedule were it to feel that the targets might need to change?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: That is not the point I am making. I am not referring to any specific court case. I am referring to debtors who are working with the agency, doing their best to help NAMA realise the value of the loans when they were purchased in 2009. Some may do that and receive a salary, which is fair enough if they are the best people to manage the portfolio. They might also realise a profit if they...
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: It is not entirely consistent. The personal insolvency scheme and the NAMA scheme are not necessarily comparable, as I would see it. However, I understand the point Mr. McDonagh is making.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: It is taking the debtors working with NAMA three to five years to work through, is that correct?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: They work through their loan book but they are not bankrupt at the end of it.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I will finish there but would like to come back in later, time permitting.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: If the bulk of the assets that NAMA has disposed of belonged to people working with the agency, then the ones left will be more difficult to deal with. It will be a harder task for the agency because these people are not willing to comply or work with NAMA.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: When we look to 2020, is Mr. McDonagh anticipating having loans or assets in NAMA but with the bonds all having been repaid?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Did Mr. McDonagh refer to €9 million in terms of the assets outside of the commuter belts?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Is Mr. McDonagh expecting an operating profit of just under €1 billion after 2020?