Results 1-18 of 18 for nama speaker:Cormac Devlin

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

Cormac Devlin: ...his opening statement. I will start with the Comptroller and Auditor General in respect of the three-year reports. He has been involved in probably nearly all of the four reports to date. If NAMA is wound up by 2025, assuming that is the case, will there be a final report on it by the Comptroller and Auditor General?

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

Cormac Devlin: From that, I presume that points to and illustrates the exceptional nature of this type of sale that NAMA was engaged in.

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

Cormac Devlin: That is not unique in the work of NAMA though, right?

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

Cormac Devlin: What struck me was the Comptroller and Auditor General said that NAMA confirmed that it does not have a set process for dealing with incidents of alleged intimidation of its staff or agents on the basis that it is something that is very rare. "Very rare" does not mean it has not happened before. Maybe it has not happened to this level, if I am reading between the lines here. Given the fact...

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

Cormac Devlin: It still does not make NAMA immune though.

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

Cormac Devlin: Okay. This is my point. NAMA was set up in 2009 by statute, and from 2009 all the way to the current day, incidents have taken place and a receiver resigned in May 2020. Did nobody think, for Mr. McDonagh's sake, that of his staff and the agents NAMA is employing, to put in place a procedure around engaging with the proper authority, An Garda Síochána, to report these incidents?...

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

Cormac Devlin: I am not suggesting NAMA would not engage but given the history and even though it is rare, we are talking about 2012, if not before that, all the way through to the current day, and NAMA should have a procedure. I will leave that there and will move on to other elements. On NAMA's contribution to social and affordable stock, I have spoken before about the valuable contribution that NAMA...

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

Cormac Devlin: He can send it in a note, that is fine. I refer to the assets themselves, and NAMA is heading towards the latter end of disposing of the assets and great progress has been made. In terms of assets NAMA inherited, maybe before Mr. McDonagh's time, was planning permission maintained on assets that NAMA had secured all the way through? By that I mean large swathes of land that had full...

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

Cormac Devlin: I accept the point about the change of zoning. That is understandable. Were personnel appointed by NAMA to ensure the value of those assets were maintained by maintaining the planning permissions? I hear what Mr. McDonagh is saying, in that there could be good, bad and indifferent types of planning on certain sites but, ultimately, as he knows, they are far more valuable with planning than...

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

Cormac Devlin: I will ask a final question as I only have a minute left. Keeping with housing, NAMA has a target of 20,000. I think NAMA has 55% of that realised to date. For the remainder of it, what is the plan to ensure that NAMA meets the target or preferably exceed it?

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (30 Jun 2022)

Cormac Devlin: ...commits to supporting homeowners living with housing defects. I have been approached by residents of Carrickmines Green, an estate in Carrickmines owned by the National Asset Management Agency, NAMA. Construction at Carrickmines commenced in 2005, with many residents moving in shortly afterwards. However, the developer went under in mid 2009 and the residents were left living in a...

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

Cormac Devlin: ...as I must return to the Chamber. I thank Mr. McDonagh and the Comptroller and Auditor General for their opening statements. I will ask a few brief questions. Mr. McDonagh has highlighted that NAMA does not own the development sites in its portfolio and that they are instead owned by the debtors, which is straightforward enough. How many of the sites that were in the guardianship of...

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

Cormac Devlin: If a debtor did not maintain or extend the planning permission for one of those sites, the value of that asset would have depreciated significantly. Did NAMA encourage debtors to extend or maintain their planning permissions?

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

Cormac Devlin: This follows on from my questioning when NAMA was before the committee last year. I want to know whether there has been active management of those portfolios, given that we, as the taxpayers, want to ensure that we get the most value out of them. Is Mr. McDonagh telling us that his team actively encouraged and supported the extension of those planning permissions?

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

Cormac Devlin: ..., Chairman. Will Mr. McDonagh touch on the wind-down? He referenced the strategic plan from 2022 to 2025. What does it entail? He might talk the committee through it. The next time we speak, NAMA will probably be in the throes of that plan.

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020)

Cormac Devlin: The Comptroller and Auditor General's report says there was a large number of high-risk, equity-backed loans, which had no property or collateral. This relates to Project Nantes, which NAMA acquired from participating banks for a nominal amount of €1 per loan. Most other loans were property backed and related to properties in the US and across Europe. With regard to that portfolio,...

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020)

Cormac Devlin: ...Comptroller and Auditor General. His report states that "without the assurance of a contemporaneous asset valuation and a competitive sales process, I believe there is no basis to conclude that NAMA achieved the best possible financial outturn from the Project Nantes loan sale". What was missing in his investigations that means he cannot make a full definitive evaluation in terms of any...

Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020)

Cormac Devlin: I have two quick questions. In terms of the lands and sites NAMA currently has to dispose of before 2025 or thereabouts and previous land it has sold, has NAMA kept the full planning permissions attached to those sites active or did it let them lapse? If so, roughly how many are we talking about? I would have hoped and expected that extensions to planning permissions would have been...