Results 81-100 of 767 for nama speaker:Seán Fleming

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: In other words, it is far more realistic to say - if that happens, and it could well happen - that of the 42,000 houses that could potentially be built on NAMA land, only half that amount would be under the control of NAMA in a couple of years time.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: NAMA is not good for their credit rating.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: The point I am making is that people thought NAMA was potentially a panacea for large housing developments in the Dublin area. On the positive side, it is great that the people paid back their par debt and the taxpayer gets all of this money back from those loans. That is great news. On the other side, it means the State will have lost control of the sites in terms of State development but...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: It was set at the establishment of NAMA.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Was a more cautious approach taken at some level, that it was better to burden NAMA with the extra debt rather than leaving the banks in a tighter corner?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: NAMA published that.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: ...an interesting and useful meeting here. My questions will range quite a bit and cover a variety of topics. Looking at the macro picture, and not specifically housing at the moment, how much of NAMA's total income was generated through the sale of underlying assets versus the loan sales, if Mr. McDonagh knows what I mean? Of its total disposals, how much was selling off loans to other...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Maybe even €20 billion. NAMA is about 90% of the way through the project it was given ten years ago. I am trying to get the big picture of what happened rather than waiting for someone to do a thesis in ten years time. I want to learn a bit before that. I am getting a picture that shows €11 billion of loans being sold substantially to American and other foreign investment...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: No. I am trying to get a picture of NAMA from beginning to end. The €71 billion in bank loans were in Irish banks and financial institutions. I want to know where those loans, which were discounted by approximately 50%, ended up. In what country did they end up? How much of the €71 billion in loans ended up being controlled by financial institutions outside the State? This...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: If I am asked to tell the story of NAMA to a later generation, it is beginning to look to me like the story will be that we had €71 billion of debts in Irish financial institutions and set up an organisation, a temporary holding company, whose function was to export the ownership of the vast majority of that €71 billion to foreign investment companies. We took it from the...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: NAMA was set up to manage it and, because of the financial crisis and the shortage of capital, the outcome was that we transferred the control and the ownership of the entire banking debt of Ireland to private investment companies outside the State. I am not saying it was set up to do this but that is what seems to have been the outcome.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: It will be about a ten-year exercise for NAMA from 2010 to 2020.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I do not think Mr. Daly will write a book about it either. I hope the witnesses understand that I am just trying to put in a paragraph about what NAMA did. It took in excess of €71 billion in Irish-controlled bank debt, for which it paid €31 billion. It held it for the State and ultimately disposed of it outside the State to private investment companies. Essentially, we...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: If somebody wants to buy a portfolio from NAMA and sets up a company in Luxembourg to do so, what jurisdiction applies to the section 172 declaration?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: What mechanism does NAMA have to investigate declarations signed by companies based in Luxembourg? I refer specifically to this debt.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Has NAMA ever carried out investigations relating to section 172 declarations signed on behalf of organisations outside the State?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: I am referring to declarations from companies based outside the State. Has NAMA investigated any declarations signed by companies based in other jurisdictions?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: What did NAMA find out about the company in Luxembourg?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Has NAMA investigated any section 172 declarations signed by companies based in Luxembourg?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

Seán Fleming: Has NAMA investigated any declarations signed by companies based outside the State?