Results 13,621-13,640 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: This comes back to what I was trying to get at earlier. To get the 15% figure by 2016, NAMA will be getting rid of most of the overseas assets.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I understand the next 25%, but it is more that I am thinking beyond that to the 30% over the two year period. If we have achieved 50% of our bond repayments on NAMA through the bulk being overseas sales, and that at an increase above the value at which we purchased them, which is good, but then relying almost wholly on the Irish market over a two year period to realise 30% on NAMA bonds, and...
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: In relation to that, NAMA's debtors and what has been achieved to date, has that been achieved solely through debtors who are working with NAMA?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I think Mr. McDonagh said previously that only two thirds of debtors were working with the agency.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I thank Mr. McDonagh, Mr. Daly and their colleagues for attending today. In my first questions I will look at the general figures, given that 2013 is a milestone year for NAMA. My colleagues will ask about some of the more detailed aspects of the 2012 report as well. NAMA will hit the first repayment target this year of 25% of the loan repayments. That is estimated at €7.5 billion....
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Did NAMA change the repayment schedule as a result in terms of the percentages it wanted to pay?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: The original schedule is 40% in 2015, but today Mr. McDonagh spoke about 50% by 2016.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Is the 50% by 2016 a revision of the original schedule for repayment?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: The NAMA projections, as recently as last year, were also for growth of 2% in the economy. Is that correct?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Is Mr. McDonagh more confident now than he was this time last year?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: That is despite the fact that our growth projections are not as optimistic as they were previously?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Is Mr. McDonagh confident about that repayment schedule even if the economy does not grow at an average of 2% per year over the next few years?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: I will return to the detail of the portfolio. We face a 50% repayment by 2016 and 80% by 2017.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: In the schedule I have it is 2017, with 95% in 2018.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Even if it is 80% by 2018, it is a leap. It is a lot to achieve in two years - it is 30% in two years versus 50% in six years.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: If we look at the first 25%, and I will return to that in detail, the bulk of it has come from overseas. However, that 30% in two years will have to come almost exclusively from the Irish market.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: It is still a huge disposal on the market even in a two-year period. It has an impact on the market.
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: When the board creates these management plans and revises repayment schedules, does it need approval from the Minister or can it do that independently?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Must he approve that strategy?
- Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)
Eoghan Murphy: Turning to the €7.5 billion figure for the end of this year, which is the 25%, will Mr. McDonagh give a breakdown of that in respect of commercial versus residential?