Results 1-20 of 767 for nama speaker:Seán Fleming

Seanad: Nithe i dtosach suíonna - Commencement Matters: National Asset Management Agency (8 Dec 2021)

Seán Fleming: I thank the Senator for raising this issue. The issue of housing and NAMA is always a matter for discussion and should regularly be discussed in the Seanad and Dáil Éireann. As the Senator rightly said, the taxpayer heavily invested in bailing out the banks originally. As a preamble, the five banks the Senator mentioned that were bailed out and whose commercial loans were...

Seanad: Nithe i dtosach suíonna - Commencement Matters: National Asset Management Agency (8 Dec 2021)

Seán Fleming: ...challenging for developers throughout the sector. Some sites that have planning permission in place are not viable to build on, and this is especially true for certain apartment blocks. Under NAMA's legislation, commercial viability is the most important and relevant factor for NAMA-funded residential development. This basically means that NAMA can only finance developments that are...

Seanad: Nithe i dtosach suíonna - Commencement Matters: National Asset Management Agency (18 Nov 2021)

Seán Fleming: I thank the Deputy for raising the issue in relation to NAMA, which has been ongoing for a number of years. NAMA was given a difficult job to do when it was established as an independent commercial body with a very specific legal and commercial mandate, which was approved not just by the Dáil and the Seanad, but specifically by the European Commission, in 2010. It is following its...

Seanad: Nithe i dtosach suíonna - Commencement Matters: National Asset Management Agency (18 Nov 2021)

Seán Fleming: I am not saying the Senator is unaware of this, but it is important to note that NAMA does not own the development sites in its portfolio. The public does not necessarily know that. NAMA owns the loans; it does not own the land or the properties. The properties are owned by developers who owe money to NAMA. If the developers can clear their debts with NAMA, they are gone. If they clear...

Public Accounts Committee: Business of Committee (17 Oct 2019)

Seán Fleming: In terms of outstanding matters, we have NAMA, Enterprise Ireland and the Strategic Banking Corporation of Ireland. The HSE will be coming before us, as will the board of the paediatric hospital. Sport Ireland is an organisation that has been mentioned quite a lot here but we do not have a date for a meeting yet. We will try to get a date, preferably on a Thursday. We may find that one of...

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: NAMA.

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: The Deputy is absolutely right. When one stands back and looks at this it is clear that, as a result of the banking crisis, we put most of the debt into NAMA for it to manage and to get the best return for the taxpayer. NAMA is a public body audited by the Comptroller and Auditor General. It has come before this committee and the finance and public expenditure committee. There is total...

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: If we think back to the NAMA legislation, it went through quite a lot of Dáil debate and discussion. The Minister had some documents out there well in advance. It was highly teased out. I am sure there are still flaws in it. We spotted the flaws in section 172 here as a result of our work ten years on, or perhaps it was known much earlier in the Department, but the Dáil did not...

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: ...its accounts, on our work programme for early in the autumn. We will include the charity funds in that meeting, if appropriate. The National Standards Authority received a clear audit opinion. All of the NAMA accounts-----

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: ...National Asset Loan Management DAC; the National Asset Property Management DAC; the National Asset Management Services DAC; the National Asset JVA DAC, which is a special purpose vehicle set up by NAMA; the National Asset North Quays DAC; the National Asset Residential Property Services DAC; and the National Asset Sarasota LLC. All of those subsidiaries have received a clear audit...

Public Accounts Committee: Business of Committee (11 Jul 2019)

Seán Fleming: ...the whole time. I think we will try to start with the Data Protection Commissioner, An Bord Pleanála and the Charities Regulatory Authority. We will consider those types of subjects. As soon as NAMA is ready with Project Nantes, officials from NAMA will be asked to come in as well. When we get the Comptroller and Auditor General's report, we will be able to move into other areas...

Public Accounts Committee: Business of Committee (4 Jul 2019)

Seán Fleming: .... People can raise the matter again the next day, if they want, before the break. No. 2277B is from Ms Mary Lawlor, communications and public affairs manager, National Asset Management Agency, NAMA, dated 26 June, responding to further information requested by the committee on the payment of €1.9 million to the Revenue Commissioners in 2018. At our meeting of 13 June we...

Public Accounts Committee: Business of Committee (27 Jun 2019)

Seán Fleming: ...continue to deal with the legislation aspect of the query but any information the committee can obtain may be helpful in that regard. No. 1630, dated 18 October 2018, was correspondence from NAMA on a full breakdown the committee had requested some time ago on the number of properties offered to each of the local authorities for housing and so on. The committee received detailed...

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: ...invite follow up. We received this 20-page document before our previous meeting. I will explain and put it in context. Our report included chapters on the National Asset Management Agency, NAMA, the President's establishment, Teagasc, the Office of Public Works, the Department of Public Expenditure and Reform, the Higher Education Authority, the Office of the Revenue Commissioners and...

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: ...think people fully appreciated the need for a section 172 declaration when the legislation was drafted. It exists on the sale of assets but does not exist, and was not contemplated, for loans. NAMA has put in place some internal structures to try to capture some of that, even thought it is not specifically covered in the legislation. On Project Nantes, we received correspondence which...

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: The Deputy is correct in that regard. It is strange that we are almost at the end of the NAMA story and 95% of the issue has been dealt with, but this issue is only coming out now. When the legislation was being drafted, it was decided to establish the National Asset Management Agency. I know that the asset was the loan, but people were thinking of properties and the sale thereof when the...

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: Essentially, Mr. McCarthy is saying that at the end of NAMA, very little of the realisation of the loans was by sale of property assets by NAMA.

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: The section was set up to cover this, but, in fact, NAMA made the debtor or receiver do the selling and it was always one step removed from NAMA. It carried out all the loan sales directly.

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: Very little of NAMA's activity was covered by section 172 which we all thought originally was the belt and braces to protect the taxpayer. The Oireachtas drafted the legislation, not NAMA. It is amazing that we are almost at the end of the game and now realising that, in practice, this main safeguard for the taxpayer did not apply to any great extent during the lifetime of NAMA.

Public Accounts Committee: Business of Committee (20 Jun 2019)

Seán Fleming: That meant that most section 172 agreements were signed at one step removed from NAMA by sellers and potential purchasers but not the rest of------