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Public Accounts Committee: 2020 Annual Report of the Comptroller and Auditor General - Chapters 15 and 16
2019 Annual Report of the Comptroller and Auditor General - Chapter 16
National Treasury Management Agency - Financial Statements 2020
(7 Oct 2021)

Brian Stanley: So 2.5% extra will not terrify them. Is that what Mr. O'Kelly is saying? I thank him for that. I want to move to the issue of NAMA. I know it is not particularly under the remit of the NTMA but, obviously, what has happened there is connected to a lot of its work. I thank the NTMA for the information and the map it sent to us in preparation for this meeting. While it has its own...

Public Accounts Committee: 2020 Annual Report of the Comptroller and Auditor General - Chapters 15 and 16
2019 Annual Report of the Comptroller and Auditor General - Chapter 16
National Treasury Management Agency - Financial Statements 2020
(7 Oct 2021)

Mr. Conor O'Kelly: There are a couple of things. NAMA is not my remit, as the Chairman knows, and I have no accountability for that area. I know NAMA was in with the committee.

Public Accounts Committee: 2020 Annual Report of the Comptroller and Auditor General - Chapters 15 and 16
2019 Annual Report of the Comptroller and Auditor General - Chapter 16
National Treasury Management Agency - Financial Statements 2020
(7 Oct 2021)

Brian Stanley: The NTMA provides services to NAMA.

Public Accounts Committee: 2020 Annual Report of the Comptroller and Auditor General - Chapters 15 and 16
2019 Annual Report of the Comptroller and Auditor General - Chapter 16
National Treasury Management Agency - Financial Statements 2020
(7 Oct 2021)

...do. We provide corporate services. In terms of the Chairman's wider question on the macro picture, I remember that, when we were speaking to investors six or seven years ago, the total loans that NAMA took on were considered a contingent liability of the State at that stage. Many people were reluctant to lend us money while that liability was still unresolved. Many thought that NAMA...

Public Accounts Committee: 2020 Annual Report of the Comptroller and Auditor General - Chapters 15 and 16
2019 Annual Report of the Comptroller and Auditor General - Chapter 16
National Treasury Management Agency - Financial Statements 2020
(7 Oct 2021)

Brian Stanley: ...later that the State could have built it for about half that amount. The company that the OPW partnered with, Spencer Dock Development Company, went into liquidation and had to be bailed out by NAMA. This entity here, the Oireachtas, had to rent back, or pay a charge - some people dispute the use of the word "rent" - of €25,000 a day for it afterwards. The Limerick tunnel is...

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