Results 1-20 of 103 for nama speaker:Brian Stanley

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council (30 Nov 2023)

Brian Stanley: ...I understand that part of it. We are at their mercy on that point. I will turn to the banking unit within the Department. The Irish Bank Resolution Corporation, IBRC, has been liquidated and NAMA is being wound down. We are nearly at the tail-end of that. The State ownership of the banks has reduced. Is there still a need for the banking unit?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: ...this morning by Mr. Tony Peteh, audit manager at the Office of the Comptroller and Auditor General. They are welcome. This morning we will engage with the National Asset Management Agency, NAMA, to examine its financial statements of 2022 and the Comptroller and Auditor General's special report 116 - National Asset Management Agency: Progress on achievement of objectives as at end...

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: I will go back to the loan sale. I preface what I am about to say with an apology as I know everything is easy until you go about doing it. This would not have been the easiest portfolio that NAMA dealt with. I acknowledge that. We have established today that it happened in one county, Donegal, and that an individual owned two companies on which loans were taken out. There was...

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: ...of somewhere between €5 million and €7 million for that portfolio of properties. Here we have a situation where it is sold for this amount. We know that National Asset Management Agency, NAMA, staff and auctioneers and valuers were intimidated. We know the liquidator felt intimidated. We know that it is possible the tenants felt intimidated and possibly local authority...

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Would NAMA have been intimidated by this individual or by somebody acting on his behalf?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: ...the brother, which is very convenient, and the intimidation stops. We just cannot accept in this State that this is how we are going to do business, or that this is permissible. What I am not hearing from NAMA is if the chief superintendent in Donegal in the north-west region was contacted and sat down with, to see what could be done about this?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Did NAMA check back with An Garda Síochána to see how this investigation was going? It was clear where the intimidation was coming from.

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: At that meeting, did NAMA raise the issue of intimidation with this individual?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: And intimidation to back it up. When this was put to them, was it ever considered that NAMA, the receiver and An Garda Síochána would sit in the same room and discuss this?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: As the chief legal officer of NAMA, was there any contact between his section in NAMA and An Garda Síochána and the chief superintendent?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: I accept that it is a difficult one. I said that at the start. I can see that NAMA had a limited number of tools but what is infuriating is the fact that this was allowed to happen. In normal circumstances, these assets would have made multiples of that. I understand that NAMA had some tools as did the liquidator, An Garda Síochána and the local authority but between everybody,...

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: ...co-operation and the assembly in the North to be up and running. This is my understanding of it. With regard to the Poolbeg site, a development consortium acquired an 80% shareholding in it. NAMA had held 100% of it. The figure was approximately €200 million. NAMA sold the 20% minority shareholding in that company. Is that correct?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Did NAMA incur any loss on the 20% shareholding of the company that owns that strategic development zone? Was any loss incurred?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: In respect of the Docklands strategic development zone, what was the total return on NAMA's investment?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: A housing target of 20,000 was set for the period 2015 to 2020. NAMA obviously did not meet that target. It delivered 11,049 units, which is just over 55% of the total. What was the main reason the agency did not hit that target or come closer to hitting it?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: The land NAMA sold had the potential for 86,000 units. How many units have so far been built on that land? There have been reports that the relevant figure is in the region of 12,000 or 13,000.

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Are people sitting on land? Would it have been better for NAMA to sit tight for a little while longer and get better use of that land?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: I know that. I am sure the Minister would have been open to listening to NAMA about trying to get a better return on the lands.

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Were they piling on the pressure on NAMA to offload those lands?

Public Accounts Committee: NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General (28 Sep 2023)

Brian Stanley: Earlier, Mr. McDonagh mentioned, which I was happy to hear, that NAMA has a commitment to try to use the remaining assets, insofar as possible, with the tools available to it for social housing. What is the potential in this regard? I believe in a healthy mix. We have spoken a great deal about the commercial units in the ten minutes, but we need social housing as well.