Results 13,701-13,720 of 26,396 for speaker:David Cullinane
- 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) David Cullinane: I accept that and I am very interested in learning lessons from the past. Therefore, when I look at the supply of houses now, I am conscious of what happened before, where there might have been an oversupply to speculators who bought houses to make money and speculated on the price of houses. I would much prefer if properties were being sold and given to families who need them and will own...
- 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) David Cullinane: I want to move on to Mr. McDonagh's opening statement.
- 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) David Cullinane: How many residential properties did NAMA sell to Cerberus?
- 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) David Cullinane: While I do not always believe everything I read in the newspapers, a very interesting column in The Times, Ireland edition, was headlined "State buys back homes sold to US equity firm", that firm being Cerberus. Essentially, NAMA sold houses to Cerberus and Cerberus then sold them back to the State's Housing Agency. I can only surmise that they bought the properties at an attractive price,...
- 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) David Cullinane: That is why I put the caveat at the start of my comment, that it was according to one newspaper. Mr. McDonagh might give us a note 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) David Cullinane: I return to Mr. McDonagh's opening statement. In it he said that the CSO estimates that about 14,500 new units were completed in 2017 and that will increase to 18,000 units in 2018. That is far short of the 30,000 or 35,000 units that were estimated would be required. Mr. McDonagh continued by saying that the gap between the annual private housing supply and demand is unlikely to be bridged...
- 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) David Cullinane: Mr. McDonagh then continued by saying that the more difficult issue was the demand for social and affordable housing, and that resolving that will have an impact on renters and the rental sector. Almost everyone is now in the private rental sector, including many social housing applicants through the rental accommodation scheme, RAS, and similar options. We need to build more social and...
- 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) David Cullinane: That is at a minimum. They can go higher.
- 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) David Cullinane: I know 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) David Cullinane: That is the floor, not the ceiling.
- 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) David Cullinane: I have two more questions and will be as quick as I can. I am intrigued in who names all these portfolios and loan sales. I refer to the Orange portfolio which has 761 apartments. A Canadian-backed investment company bought it. Will Mr. McDonagh give a quick overview of what that was and what that firm did with the properties?
- 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) David Cullinane: They are now seen as one of the State's largest private sector landlord companies. Arguments were made at the time that these apartments ought to have been sold individually. Was NAMA aware of those arguments? Were they considered?
- 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) David Cullinane: This sale crystalises an approach and a mindset of whether we really understood what was going on in the market, the housing crisis and how it can be resolved. Many would argue that socially it would have been much better had the properties been sold to individuals rather than selling them on to an entity that would become a huge private landlord which would make money on the back of people....
- 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) David Cullinane: That is fine, but it does not address the point I made. I know that people were living in them. The point is that they were sold and the matter of who purchases them has an impact on the overall housing situation.
- 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) David Cullinane: NAMA has choices.
- 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) David Cullinane: I appreciate NAMA's remit, its role and that it has a job to do. However, there was an intervention by the State. Ministers were very clear that NAMA needed to play a part in addressing the overall housing crisis and looking at where the market was at and playing a role in that. There are choices. It was not all about getting a profit or what might be the best price. Part of it then had...
- 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) David Cullinane: I have one final question. What is project Nantes? Who names all these projects?
- 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) David Cullinane: What was the par value of those loans at the time?
- 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) David Cullinane: What was the par value of the loans in that project?
- 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) David Cullinane: How does confidentiality apply?