Results 1-20 of 83 for nama segment:8042147

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: We will engage with witnesses from the National Asset Management Agency, NAMA, this morning. Today's meeting will focus on NAMA's financial statements 2020 and the Comptroller and Auditor General's special report 111, on NAMA's progress in the achievement of its objectives at the end of 2018. We are joined remotely from within the precincts of Leinster House by the following NAMA officials:...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Seamus McCarthy: As members are aware, NAMA was established in December 2009 to deal with a crisis in Irish banking due to poor property-related lending. The core idea was for NAMA to acquire property-related loans from the commercial banks, to hold and manage the loans and related collateral and, ultimately, to dispose of those assets in a manner that protected the State’s...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: The committee invited us to discuss NAMA's 2020 financial statements and the Comptroller and Auditor General's special report on the progress of NAMA. I am joined today by the NAMA chairman, Aidan Williams; chief financial officer, Noelle Condon; chief commercial officer, John Collison; and head of strategy and communications, Jamie Bourke. NAMA last appeared before...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Seán Sherlock: I will start with the Dublin docklands SDZ. My understanding of this is that in 2014 NAMA adopted a secondary objective of the facilitation of the development of office accommodation in Dublin and had an interest in 17 ha of the 22 ha of the undeveloped land in the Dublin docklands SDZ. My understanding is that Mr. McDonagh's board approved a business plan for those sites in September 2014...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...with construction complete, which is for about 270,000 sq. ft and 30 social housing units, which are currently being handed over to Dublin City Council, DCC. That is up to 86% of the land in which NAMA had an interest, as the Comptroller and Auditor General mentioned and as I mentioned in my statement. Some 14% is currently under construction, and we expect and hope that construction to...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Seán Sherlock: ...? We now know that more people will be working from home and that fewer people will be required to inhabit, if you will, commercial developments. Can Mr. McDonagh give me an insight into NAMA's thinking in respect of the future of commercial developments, such as the Dublin docklands SDZ in particular, in the context of the impact of Covid on commercial space into the future? What I am...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...home. The advent of technology, which has worked very well, meant that people could get on and do their jobs quite well, so there will inevitably be less demand for office space. If I were sitting in NAMA's offices in 2014 and 2015 looking at the docklands, which were not yet developed, and if Covid had happened then, that would certainly be a big concern. Thankfully, however, we are at...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Seán Sherlock: We understand NAMA's remit and the legislation, but there is the potential for 3,500 residential units at the Poolbeg West site. That is clearly understood. We know that there is about 93,000 sq. m of commercial development. Will Mr. McDonagh talk me through where Poolbeg is at present? My questions are specific. Has a preferred bidder been identified for NAMA's venture partner in the old...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: ...to Mr. McDonagh. I will try to keep them short and would appreciate succinct replies. I want to make a quick comment before I do that. I have an issue with the word "profit". I accept that NAMA paid €31.8 billion for what it is dealing with but the par value for these liabilities was €74.4 billion. I think "surplus" is the correct word rather than "profit". On the costs...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: If NAMA would provide that and the total amount paid out, by supplier, that would be useful. The Comptroller and Auditor General stated that the National Asset Management Agency Act does not define how the disposal value is measured. Why did NAMA not use the industry standard? Why did it deviate from that? Who decided to do that?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...but unfortunately that is not fully correct. Section 10 of the Act states that the return should be measured by reference to the price paid for it, the costs incurred and any other matter that NAMA deems relevant. As the Comptroller and Auditor General pointed out and as is included in our report, the expected return on a portfolio when we acquired it, which was determined by the...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: If the internal rate of return is the standard metric for property-related investments, why did NAMA deem it appropriate to use an alternative measurement?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...would use an alternative measurement because when you measure the return, as the Comptroller and Auditor General outlined, it takes account of the cost paid for the portfolio. Looking at it from NAMA's perspective, we had to pay almost €5.6 billion more than what the market would pay for it, which was determined by the European Commission and was state aid to the banks. If...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: .... If we look back, there are some that we could point to where that would certainly be the case. Mr. McDonagh says in his statement that the growth in property values has allowed a number of NAMA debtors to refinance their debt. I accept that there was an environment wherein paying down the national debt was considered important. When we look at the housing crisis now, in terms of...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...is that there are more than 20,000 units delivered at a time when there is a severe housing crisis. I totally agree with the Deputy on that. From our point of view, a number of debtors came into NAMA who had a land bank but no funding available. We provided funding to them to get planning permission, put in infrastructure and helped to make the land ready for building. If we go back to...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: Why is Mr. McDonagh counting in the way he has outlined? It looks like he is bigging up what NAMA has delivered directly.

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...thought were commercially viable at that stage and others could become commercially viable in the future. A number of debtors who were with us paid off all the debt they owed to the taxpayer, left NAMA and brought their considerable land bank with them of potentially 9,000 units that could be delivered. If they paid off their debt to the taxpayer and went elsewhere, then their values...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: Finally, I wish to ask Mr. McDonagh about the wind-down of NAMA, which must provide a report to the Minister by the end of the year. I presume Mr. McDonagh will have that available. Does that include how leases will be dealt with? Will it include, for example, how the wind-down will happen from the point of view of the administration? Will bonuses, incentives, or anything like that be...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: I apologise for being a bit late arriving. Was it 2,445 houses in total that were delivered to councils or approved housing bodies by 2018 or did NAMA only provide around 500 between 2015 and 2018?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: NAMA is ahead of that. Is it true that more than half of the houses were social housing acquired from NAMA debtors, who were leasing to approved housing bodies?