Results 101-120 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: How many such investigations has NAMA done? Is it ten, 20, 50 or 100?

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 refer to investigations rather than completeness and just filling in the form - where NAMA is alerted to a potential problem where it is felt there is a need to investigate-----

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: So NAMA is satisfied that everybody who has bought something from it was totally honest in their dealings and it was never checked up.

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 only hearing of this section 172 issue today. I had never heard of it before. NAMA has always said the situation is confidential - between the purchaser who is signing the section 172 and NAMA. How could anybody be privy to that? It is a closed process. How does NAMA expect it will get complaints?

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 surprised now that from what appeared to be a one-off issue, it is now clear that NAMA has no verification process in place to verify any of them.

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: Take it from me as Chairman of the Committee on Public Accounts that from where I am sitting that is a gap in NAMA's governance. There should be some spot check or verification. That is all I will say. I am not making a formal statement on it but the witnesses can understand that I am surprised that there is no process of having a spot check to let everyone know that these declarations are...

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: That is all I am asking. That is fine. That only arose because of this morning's issue but I did not realise it would go that far. About how much debt does NAMA still have?

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: ...Department of Finance had discussions at EU level with EUROSTAT about the use of the surplus when it is ultimately handed over? We had a discussion on this here before. We were told that because NAMA is unique, there are no specific European or EUROSTAT rules on it. Historically, financial assets were sold to reduce debt. That was in the time of the troika. There is no legal...

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: Okay, that is all NAMA can-----

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: Okay. I will move on to housing. I am probably going to come at it slightly differently from everybody else here. NAMA started off with one mission and that was its mission. Then, because of the housing crisis, it was asked to build houses and supply land. That is all very important, but it was not NAMA's main core objective or anything like that. It was a bit of a by-product. As I...

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 will explain what I am getting at. At the end of the day, approximately 20,000 houses will have been delivered by NAMA by 2020, or there or thereabouts.

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 would put it in a different context. There are approximately 1.6 million houses in Ireland today. NAMA's contribution to the housing stock at the end of this process will be little more than 1% of this country's housing stock.

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 saying it is "Yes" and Mr. McDonagh knows it is "Yes". I think there is an assumption that NAMA is a key player in increasing the housing stock and solving the housing problem. I am just saying I think the general commentary has totally overstated the reality. When all is said and done, if NAMA adds 1% or 1.5% to the housing stock of the nation over ten years, that will be about it....

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: ...else was going on. I want to ask about a completely different topic. I do not know whether it relates exclusively to Project Eagle or to other things. Can the witnesses tell me how much money NAMA would have been paid to Tughans Solicitors in Belfast for its services over recent years? They might tell me that this information is commercially sensitive. I do not know whether it is.

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 NAMA has done so, that is okay. There was a freedom of information request. I have a figure.

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: ...and 2017. I am looking for a one-page summary of the picture from inception to the end of June of this year or the end of December of last year. According to the figures we have been given in NAMA's financial statements, the total income was €40.698 billion. The senior bonds have been paid back. A couple of hundred million in tax has been paid. I presume NAMA pays tax on...

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: That is good. It must be acknowledged that NAMA expects to pay approximately €400 million in corporation tax on its surplus of approximately €3.5 billion.

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: ...not see that figure readily. I would like a brief summary, like that in the financial statements. There is a year-by-year analysis. I would like a summary. Perhaps Mr. McCarthy can tell us what NAMA's operating expenses were globally from its inception to the end of 2017.

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 is very easy. I might have said when that report came out that the operating expenses of NAMA at the end of the day will have been approximately €1 billion. It is at €839 million.

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: That was the cost NAMA recouped through its sales and it still arrived----