Results 41-60 of 767 for nama speaker:Seán Fleming

Public Accounts Committee: Business of Committee (13 Dec 2018)

Seán Fleming: ...-up to Committee of Public Accounts meetings and other items for publication. We held over three items from last week's meeting for further review. The first item was from Ms Mary Lawlor, public affairs manager, NAMA, dated 29 November 2018, providing further information requested by the committee on Project Nantes with a breakdown of the €24 billion in asset sales categorised by...

Public Accounts Committee: Business of Committee (6 Dec 2018)

Seán Fleming: ...the basis of the valuation and the comparisons it used to come up with that valuation. We note and publish that. That letter will go to the Valuation Office. Correspondence No. 1761 is from NAMA on Project Nantes giving a breakdown of the €24 billion in asset sales categorised by the jurisdiction of purchaser and the application of section 172 of the National Asset Management...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...over the minutes and will come back to them shortly. The next item I want to get clearance from the committee in connection with is No. 3, a motion on the second periodic report relating to NAMA. We discussed this at the last meeting. It relates to the terminal surplus and possible consideration of NAMA's activities after its wind-down. We agreed that we have to put a formal motion to...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: This goes back to the report that we issued on 28 March. We recommended that there should be a Dáil debate on the projected terminal surplus of NAMA on the basis that NAMA is so unique that there are no EU rules on it. There is no requirement in EU rules to pay down Government debt. It is a domestic political decision. We cannot prevent the Government from having a view but we did...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...national policy on this. This is the wording we put in our report six months ago. We are now saying we should discuss the wording. It does not make a particular indication on the future use of NAMA's potential surplus because we have no authority to do so. We are saying that what needs to happen, which has not happened in Irish public life to date, is a Dáil debate on the matter....

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...correspondence, which provides very good information. I thank the agency for supplying it. It gives details, by local authority, of the provision of social housing, the number of offers made by NAMA and the 2,475 housing units that were taken up by local authorities as a result. It also provides details on the €70 million funding the agency has been provided with in respect of...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...with HAP to some extent next week as we will have representatives from the Departments of Housing, Planning and Local Government with Employment Affairs and Social Protection. No. 1724B is from NAMA and provides information requested by the committee regarding the geographic location of purchasers of €24 billion of disposals by NAMA. That follows on from a previous letter. It...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: It is No. 1724B. It is only one page. NAMA had given us a breakdown of where the purchasers of NAMA property sold in Ireland were from and we asked for the breakdown of all secured assets worldwide. The letter indicates that the jurisdiction of the purchasers in respect of the €24 billion of secured assets, both Irish and foreign, is as follows: 33% of the purchasers were in Great...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...Systems projects. Most interestingly, we asked whether the company that got the projects was always the lowest bidder. I will give credit to the Department for providing us the full information. NAMA could follow its example. We will note and publish this interesting schedule. There are 42 schools. The note lists the top five or six tender prices, with the winning tender highlighted...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...report. We are moving on to correspondence category C. A letter has been received from Deputy Wallace with a further query regarding Project Nantes. We forwarded correspondence received from NAMA to Deputy Wallace and he has reverted with queries. We decided last week to request further details from NAMA and we will include these queries in our request. This is about section 172,...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: Yes, there is. There will be a debate on NAMA's expected terminal surplus. The members of this committee will be able to raise those points in the Chamber as well as at this committee. The Comptroller and Auditor General is seeking information. We have gone back for further information. The Comptroller and Auditor General has raised the whole issue of the section 172 declarations. It...

Public Accounts Committee: Business of Committee (15 Nov 2018)

Seán Fleming: ...meeting, the clerk will circulate wording tomorrow, for consideration next week, regarding our recommendation for a Dáil debate on the winding down of the National Asset Management Agency, NAMA. We agreed last week that there should be a Dáil debate on the issue but we have to table a formal motion, which must be circulated to members for their consideration in advance before it...

Public Accounts Committee: Business of Committee (15 Nov 2018)

Seán Fleming: ...in a claim and there is a grievance procedure in this matter which is outlined in section 4 of that briefing note. No. 1711B is from Ms Mary Lawlor, communications and public affairs manager with NAMA, providing further details requested by the committee on Project Nantes. I propose we send a copy of this to Deputy Wallace who raised the matter and on whose suggestion I also raised the...

Public Accounts Committee: Business of Committee (15 Nov 2018)

Seán Fleming: We will write back to NAMA arising from that letter to say that it has established that the person identified as a director of the purchaser entity was not a NAMA debtor. We will write back straight up asking if there was any connection between that person and a NAMA debtor. Maybe that person was not a NAMA debtor but we want to know if there was any connection and NAMA should know that and...

Public Accounts Committee: Business of Committee (15 Nov 2018)

Seán Fleming: NAMA does say in the last paragraph that it is constrained by the legislation from disclosing details. However, what we are asking is not an unreasonable question. The Deputy is right. We could have just noted and published it and moved on. Serious issues are raised and people feel that we should follow matters through and of course we do so we will go back and ask for further...

Public Accounts Committee: Business of Committee (15 Nov 2018)

Seán Fleming: We will ensure that NAMA is made aware of that point in our reply. We are not legal experts. We cannot be expected to know the subsections of section 202. I thank Mr. McCarthy for highlighting it. How could we be expected to know the full details of that? We will revert to NAMA on that basis. We will note and publish the correspondence but will follow up on it. Next is No. 1714 B...

Public Accounts Committee: Business of Committee (8 Nov 2018)

Seán Fleming: ...the various recommendations we had on that issue and we have discussed it at recent meetings with the Department. The next recommendation was that there be a Dáil debate on the utilisation of NAMA’s projected terminal surplus of €3 billion in view of the fact EUROSTAT and the EU have no rules on this due to the unique nature of NAMA. That €3 billion we...

Public Accounts Committee: Business of Committee (8 Nov 2018)

Seán Fleming: I sat through all the meetings on that issue. The mission of NAMA was to recover what it paid. The fact it is a surplus rather than a deficit is good. NAMA's projected surplus has been increasing over the years. That is not a Government target. It is just NAMA announcing what it expects. The legislation only expected it to break even.

Public Accounts Committee: Business of Committee (8 Nov 2018)

Seán Fleming: ...When we had the Department of Finance in here some months ago as part of this debate, we asked about the use of these funds and I asked whether there were any EU rules on it. The answer is no because NAMA is unique at the European level. It is a once-off. While, as I read out earlier, the intention has always been to use such receipts from the resolution of the financial sector crisis...

Public Accounts Committee: Business of Committee (8 Nov 2018)

Seán Fleming: It was recommended to the Minister for Finance, who has replied that he accepts the recommendation. In light of the Minister's agreement to a Dáil debate on the use of the NAMA surplus, the secretariat will draft a motion in that regard for next week's meeting.