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Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: As there is no representative from the Rural Independent Group, I call on Deputy Canney from the Independent Regional Group.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: The second round is only four minutes so I am going to move ahead with the next group. I think we do have time for a third round so I will come back to Deputy Patricia Ryan, if that is okay.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: I call Deputy Leddin.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: I will now go to a third round which, given the number of people in the room, will be a relatively free round for whomever wishes to contribute. Deputy Ryan wishes to come in.

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: Will the national economic plan be published with the budget?

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: Does Deputy Durkan wish to contribute further?

Committee on Budgetary Oversight: Pre-budget Engagement: Minister for Finance (1 Oct 2020)

Neasa Hourigan: I thank the Minister for attending in person when the technology failed us. As there is no further business, that concludes our meeting for today. The meeting stands adjourned until the next private meeting, which will be at 12 noon on Tuesday, 6 October. The committee’s next public meeting will be with the Minister for Public Expenditure and Reform at 10 a.m. on Thursday, 8 October.

Written Answers — Department of Transport, Tourism and Sport: Rail Network (6 Oct 2020)

Neasa Hourigan: 194. To ask the Minister for Transport, Tourism and Sport his plans to install continuous welded rail along Stoney Road, North Strand, Dublin 3, as part of the DART expansion programme. [28099/20]

Written Answers — Department of Health: Mental Health Services (6 Oct 2020)

Neasa Hourigan: 725. To ask the Minister for Health his plans to publish a Traveller and Roma mental health action plan; and if he will make a statement on the matter. [28687/20]

Written Answers — Department of Justice and Equality: Disability Act Employment Targets (7 Oct 2020)

Neasa Hourigan: 200. To ask the Tánaiste and Minister for Justice and Equality when she will publish the report on compliance with Part 5 of the Disability Act 2005 for 2018 and 2019 respectively; the number of employees with a disability in each Department in 2018 and 2019 respectively; the criteria by which employees identify themselves as having a disability; and if she will make a statement on the...

Written Answers — Department of Transport, Tourism and Sport: Parking Regulations (8 Oct 2020)

Neasa Hourigan: 95. To ask the Minister for Transport, Tourism and Sport his plans to address the dangers to pedestrians and cyclists caused by dangerous parking; his plans to use his power under SI No. 135 of 2006 to increase the fixed charge penalty notice for illegal parking from €40 to €100; and if he will make a statement on the matter. [29369/20]

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: I thank the Chair and I also thank Mr. McDonagh for his time today. I am a bit like Deputy Carthy and am trying to get to grips with all of this. I have a question but I will check that I have it right before I ask it. Clairvue is the fund that bought the loans and was introduced to NAMA by Avestus. Is that right?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: NAMA had told Avestus, or it had worked out and NAMA had confirmed for it, what the lowest or acceptable bid was. Clairvue offered almost exactly that, which we now know was probably less than it was worth. In some of the submissions today I am reading that Clairvue paid Avestus a fee in performance-related compensation. What does that relate to?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: On that relationship between Avestus and Clairvue, they effectively were trading information between themselves around what the asset was worth and NAMA's position under the section 172 declaration is that the Irish State has no recourse here?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: Is Mr. McDonagh aware of any of this type of information trading impacting any other NAMA transactions?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: This kind of swapping of information between two different funds.

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: This is a slightly broader question. Given that our bondholders are repaid and considering NAMA's projections of a €49 million financial loss in 2020, is it still the plan to wind down and dispose of assets on the existing timeline? If so, why? Would it be more prudent for the State to hold on to some of these assets and realise the more annualised yield?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: Does that change NAMA's schedule in terms of 2021?

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
(8 Oct 2020)

Neasa Hourigan: I will stop Mr. McDonagh there because I want to get one more question in before we go. How does NAMA's performance compare with that of other international asset management agencies in the same period, in Mr. McDonagh's estimation?

Committee on Budgetary Oversight: Pre-Budget Engagement: Minister for Public Expenditure and Reform (8 Oct 2020)

Neasa Hourigan: We have not received any apologies. I remind members and witnesses to turn off their mobile phones as the interference from mobile phones affects the sound quality and transmission of the meeting. I welcome the Minister for Public Expenditure and Reform, Deputy Michael McGrath, and Mr. Ronnie Downes and Mr. John Kinnane from the Department of Public Expenditure and Reform. I thank them for...

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