Results 121-140 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: To be generous to NAMA, it has realised income of well over €40 billion already - it is well over that - and there are a couple of billion to go. Rounding up, it will be near €50 billion and operating expenses will be 2%.

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 not all bad news. NAMA should be-----

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 looks as if NAMA is doing it at about 2%.

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 know all the audience is gone but we are into the good news bit now, from NAMA's perspective.

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 want to look at NAMA's financial statements. I refer to page 108. Interest is an issue. I ask the witnesses to explain that. I would like to get the total figure regarding note 5 on page 108. We know what I am talking about there - negative interest expense on cash or cash equivalents. It seems to me that NAMA lost more than €3 million in 2017 in negative interest. In 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: Will Mr. McDonagh explain that? People will be shocked, given that it is doing so well, that NAMA is losing money.

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 costing NAMA money to put it in there.

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 does know the cumulative figure. I see €11 million or €12 million in the financial statement just for two years .

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 would not have been the case early on in the life 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: That ties into my first question about the use of that cash in regard to the Department of Finance. I know NAMA has said it does not have it all yet but in my mind, given that it is losing money on it, could there be some mechanism - the law probably does not allow for it at the moment without some amendment but I am sure the Minister could consider a directive - to hand some of it over to...

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 ask Mr. Carville to forward it to the committee. I am nearly there now. The briefing note sent to us before the meeting, on page 28 concerning the NAMA key financials, states that the total cash generated from inception is €42 billion but the figures in the financial statements do not quite add up to that. They only add up to €40.7 billion. What is the difference?

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: We are just about there. Page 16 of the financial statements gives the NAMA asset disposals year by year, as in 2010 to 2017. I refer to €7.2 billion on page 16 on the bottom chart. It can be seen there. Somebody touched on this earlier. The witnesses said that NAMA was under pressure from the troika in those first couple of years to generate cash. Some of that was from sales of...

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 fine. There are only a few of us here but this level of information is useful. NAMA has moved to housing and this level of discussion is not seen much on a public record. It is no harm. There is good information in there so it is just about getting information out. People can make what they like of 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: ...of the evening. I am here on my own and I could have asked the questions earlier but I said I would pay other members the courtesy of asking their questions first. I thank all the witnesses from NAMA as it is quite a while since they were here. We will receive other information as soon as they can send it. The organisation is nearly there but not quite there yet. I thank the...

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: ...the autumn. No. 1480 is an anonymous item of correspondence regarding land in Ballsbridge which the correspondent states is owned by a particular developer in the National Asset Management Agency, NAMA. I have received a copy and I know some other members did. We have not circulated the correspondence electronically because it may be defamatory. However, it does raise several general...

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: I do not know which was the chicken and which was the egg. At this stage, I propose that we write to NAMA to seek a response to the issues raised. However, we will not get into any matter that has the potential to be defamatory or anything of that nature. We will write to NAMA but we do not want to send this letter to NAMA in case it is defamatory. As this is the last meeting, I do not...

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: We will not circulate this letter to members, which they can see on the screen, but we will write to NAMA in the general context.

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: Yes. That will be our first meeting. That is why I want this letter to go to NAMA. I am proposing that our first meeting in September will be with NAMA representatives. They have not been here since December 2016. It will be more than 20 months since they were before the committee.

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: They are long overdue a visit. One of the reasons I want to clear this, even though it came in to us at the last minute, is that we can send it to NAMA. We will then be able to deal with the general issues when NAMA comes in before us. I think we are agreed on that.

Public Accounts Committee: Business of Committee (12 Jul 2018)

Seán Fleming: The National Treasury Management Agency; we were talking about NAMA a moment ago. All of those are the accounts of the NTMA, which we will deal with shortly. That is noted. The next item is the Insolvency Service of Ireland, clear audit opinion. I think all of that is on today's list.