Results 1-9 of 9 for 5 million segment:6205650

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael McGrath: So, in some cases, a loan with a face value of €100 million, NAMA would have paid €5 million, proportionately?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Pearse Doherty: Okay. In relation to the security that underpinned some of these loans, and you mentioned in Vol. 2, page 5, table 3 and again Vol. 1, page 4, table 2, where NAMA wrote down €477 million as a result of not being able to ... inadequate security, and then claimed back €334 million from the banks for the same purposes, which totals €811 million of unenforceable securities....

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: The bank guarantee, we were informed, would be the cheapest in history. We were told €4 million to €5 million; the expectation was NAMA would have a write-down of less than 30%, it was double that. Did the bank guarantee and then the establishment of NAMA with the crystallisation of the losses to the banks, did that lead to the national bailout in your view, Mr. Daly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: In terms of €40 million rent abatement, Mr. Daly, it's a very small amount of money; it's less than 1% of your rent on a stream of €5 billion over the five-year period.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael D'Arcy: Was presented to the Minister in March '09. And you're dealing with the banks in ... at what, summer '09? That report ... PwC were paid €5 million for the valuations for ... I think the fieldwork was concluded December '08. So what you are telling me was Project Atlas, which was commissioned by the Financial Regulator, was presented to the Minister in March, wasn't given to you in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Michael McGrath: ...I move on to the issue of the enforceability of security because issues arose around that and were identified during the legal review and it made it necessary to impose legal discounts of €477 million, which is broken down on table 3, Vol. 2, page 5 of the book that we have. Can you give us an indication of the type of issues that would have arisen which necessitated writing down...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

...know, when you looked at the top 29 debtors they had €34 billion of borrowings, so €34 billion of the €74 billion that came to NAMA was borrowed by 29 people. I mean in a population of 4.2 million, that's sort of extraordinary really. And they warrant plcs like you'll see operating in the ... like I'm an accountant and, obviously boring in that respect, but I'd look...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

...of production in an economy of our size. This is best illustrated by the construction of 90,000 new houses and apartments in Ireland in 2006 - 90,000 new houses in one year for a population that was then 4.2 million. The output was more than five times the European average at the time. In the same year in Britain, to meet demand from a population which was 14 times the size of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

...formal approval of the European Commission because there was an element of state aid incorporated into the transfer price. Bank assets were acquired at an acquisition value which is determined in line Part 5 of the NAMA Act and the valuation regulations made by the Minister and published in March 2010. The acquisition value of each bank asset was its long-term economic value....