Results 121-140 of 454 for nama speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: That's not the point, Mr. Ahearne. The point is in relation to the establishment of NAMA to bring bad assets off the loan books of the banks. For example, it didn't really help Anglo Irish Bank or Irish Nationwide. Those two banks went bust. What I'm saying is you make the point that NAMA was replicated in two other European member states. With the stated purpose that it was set up for,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: Okay. We heard in testimony from various witnesses on the issues of NAMA and their belief that NAMA crystallised losses at the wrong point in the property cycle. For example, we also heard from Mr. Fingleton last week and he gave examples of three loans that he would be familiar with which were haircutted by NAMA which he believe will ... has already accrued close to half a billion euro of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: But does the transfer ... the example that was given, which we haven't seen as a committee, but the example that was given in terms of the haircuts that were provided on three particular loan cases, NAMA actually generated a profit of close to half a billion euro on them. So, therefore, it was because of the crystallisation, in Mr. Fingleton's view, of the losses at that time on the books of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: ...what's been referred to as vulture funds and private equity funds which are flipping loans, and we have much of this in the media which ... where they're making massive profits because not only did NAMA crystallise the losses at a point in time of the property cycle but it also ... it also sold on the properties as a result of the troika programme to redeem its bonds. So, therefore, even...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: That's not the case that's being put to you, Mr. Ahearne, with all due respect. The case is that NAMA's structure meant that they had to sell on these loans. They had to sell on these assets within a certain period of time and that was being done at a time when the property prices were either at rock bottom or just starting to recover, whereas if the structure of NAMA were allowed to hold...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: ...would pick it up. I don't think it would be fair to lay that on the door of the asset management agency because there was very strong criteria laid down as to the amount of deleveraging that NAMA would have to do as a result of the programme that Mr. Lenihan agreed with the troika. But can I ask you in relation to the book that's been referenced,In Calm and Crisis, and we talked about...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: Well, I was just going to go on to that issue in terms of security and the perfection of security. And Deputy Murphy rightly outlined the €477 million, I think it was, from NAMA, but NAMA confirmed that that for the institution - the individual banks - was in the region of €2 billion. That's how much loans that could not be perfected because of ... or could not ... had to be...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: Well, given the fact that we know that €2 billion from the financial institutions that went into NAMA of loans that were issued, had to be written off basically - the security wasn't perfected and the majority of them rested with your bank - do you not think that there was a serious issue here, which this audit was outlining to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: But can I put it to you that the reality that we're dealing with today is that, according to NAMA, €2 billion of loans issued by financial institutions, of which the majority of them rested ... originated from your institution, could not be pursued because the security was not perfected? So, it's not ... it doesn't seem to be the case that this was just a delay, that the letter was in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: Do you believe that the security was put in place in all of these loans, despite what NAMA has told this committee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Pearse Doherty: ...was too late. Can you explain to me - and that was ... obviously ... coincides with the period when you were head of lending of Anglo Irish Bank for the Irish division - can you explain to me how NAMA had to apply a 61% discount to loans that your bank and you, as head of lending, approved? How did you get it so wrong and ... when we compare it to other banks which had haircuts but not...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Pearse Doherty: Can I ask you - and it was touched on earlier - in terms of the management team in Anglo challenging any of the asset valuations ascribed by NAMA which resulted in the loss of €21 billion on sale or on transfer? Can you talk to me? Did you challenge them and why did you challenge them? What's your view on that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Pearse Doherty: ...evidence. We've heard from Sean Mulryan and Joe O'Reilly. Both of them, in their evidence, said that they intend fully paying back everything as Anglo's debts are being recovered. Were the NAMA write-downs, in your view, given that they're-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Pearse Doherty: They both stated that they expect to pay back all of their loans, all of their NAMA loans, and they were the two of the largest borrowers with ... they were in the top category in terms of borrowing for Anglo. Given that we've heard from two of those, and it is only two, and they say that they will back everything, was the write-downs from NAMA justified? Could Anglo Irish Bank have dealt...

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: Okay. And would you have borrowed from any of the financial institutions between that date and the entry into NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: Yes, any of the NAMA banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: ...here, because there's been a lot of talk about what would be paid back and what won't. So, €2 billion is what your outstanding debts were at that point in time. That wouldn't have been all to NAMA banks would it, or would it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: Okay, to NAMA banks. So when we're talking about what will be paid back or not - and you talk about your assets reaching their values - so are we talking that €2 billion is going to paid back? Is that what we're basically saying, or is that you've been basically saying?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: Okay, and are you aware of the haircut that was applied to your loans from NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Pearse Doherty: Okay, that's fine. In relation to Brendan McDonagh ... Brendan McDonagh was before the banking inquiry and he gave evidence in relation to dealing with developers and how NAMA was established. And you talk about the efficiency in terms of NAMA. Mr McDonagh talked about, and I'll quote him, he says, "Probably about €300 million of that additional security, debtors decided that they...