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Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: I am a bit concerned about it because we need competition in the marketplace. NAMA owns many of the assets which are suitable for building and which are located where housing is required. I am very concerned about NAMA stating it is not a developer.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: We need 4,500 houses as quickly as possible, so if we can get the sites to developers and let them build as quickly as possible-----

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: Will Mr. McDonagh come back to me with regard to the site in Bishopstown because there is huge interest in the market?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: There is a huge shortage of housing in Cork city as well as in Dublin. Sometimes the rest of the world outside of Dublin gets forgotten.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: I am glad to hear it.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: I welcome the witnesses. Mr. McDonagh said NAMA is two years ahead of schedule. What percentage of the original portfolio remains to be sold?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: So NAMA is two years ahead of schedule and 50% remains. In 2012, NAMA had 224 staff and it currently has 370. Can Mr. McDonagh explain why there has been such an increase in staff, given that 50% of the portfolio has been sold?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: What percentage of the 600 small debtors are with receivers?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: Mr. McDonagh said 59 of the 370 members of his staff left this year, so the staff turnover this year was 16%. How would he say the culture of NAMA is to work in?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: With a staff turnover of 16%, does Mr. McDonagh not think there may be an issue with staff being unhappy or that there are issues?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: Statistics show that higher wages account for only 40% of staff leaving. It does not seem to measure up with the norms. I accept that NAMA was never going to be established forever and has a ten-year cycle.

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: I appreciate that. How would Mr. McDonagh define a "developer"?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: When Mr. McDonagh talks about the SDZ and the Dublin Docklands area, and says he is not a developer, is NAMA not involved in the planning, development and sale of the asset?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: Who is building the asset?

Public Accounts Committee: National Asset Management Agency Financial Statements 2013 (18 Dec 2014)

Áine Collins: Could Mr. McDonagh explain the process? NAMA owns 70% of the land available for development and is in a joint venture. While I appreciate that NAMA is not physically building it, it can take on contractors and pay for them out of the process. Is NAMA going into partnership with developers?

Public Accounts Committee: Business of Committee (18 Dec 2014)

Áine Collins: I apologise for my non-attendance yesterday. I was not aware the meeting had gone ahead. Before the National Asset Management Agency, NAMA, comes in today, I ask that the committee consider bringing in some developers who have exited NAMA to discuss their experience and see the value or loss to the economy it has caused. I am not naming anybody in particular; several developers have exited...

Public Accounts Committee: Business of Committee (18 Dec 2014)

Áine Collins: The timing is right. People have exited and it would be interesting to hear what they have to say.

Public Accounts Committee: Business of Committee (18 Dec 2014)

Áine Collins: Many of them have gone through the system and come out the other end, and they are not all legal actions.

Public Accounts Committee: Business of Committee (18 Dec 2014)

Áine Collins: That would be great, thank you.

Topical Issue Debate (Resumed): Special Protection Areas Designation (17 Dec 2014)

Áine Collins: I thank the Minister of State for her reply. While I accept what she said, with all due respect, the GLAS scheme does not provide the necessary compensation for these families. A farm with a hen harrier on it can be farmed to only 0.6 of its capacity, which is not viable. I know a young man in Ballydesmond who has a 100 acre farm and who has invested heavily. He is left with a huge debt...

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