Results 121-140 of 320 for nama speaker:Michael McGrath

Other Questions: NAMA Operations (14 Jan 2016)

Michael McGrath: I thank the Minister for the reply. Can the Minister confirm that the estimated financial surplus at the end of NAMA's work is approximately €2 billion? NAMA paid approximately €32 billion for loans with a total book value of €74 billion. The fact that NAMA plans to support the construction of 20,000 homes on a commercial basis by 2020 is to be welcomed, provided it...

National Asset Management Agency: Motion (Resumed) [Private Members] (21 Oct 2015)

Michael McGrath: ...consistently made the point that no allegations of wrongdoing have been made against the National Asset Management Agency. They also asked why my party is calling for an investigation into NAMA. We are not calling for an investigation into NAMA but into a transaction to which NAMA was a key party, namely, Project Eagle. That is the fundamental difference. I commend the Committee of...

National Asset Management Agency: Motion [Private Members] (20 Oct 2015)

Michael McGrath: ...Agency. There is simply no room whatsoever for any question marks when we talk about the sale of a State asset with a face value of over €5 billion, but shocking allegations have been made regarding NAMA's disposal of its Project Eagle portfolio. NAMA's Project Eagle sale of loans with a face value of £4.5 billion, or €5.4 billion, linked to Northern Ireland borrowers...

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

Michael McGrath: Okay. Can I raise the issue of NAMA, Mr. Ahearne? And you have addressed it in your witness statement and you are strongly supportive of the NAMA project. But can I put a counter-argument to you, that the NAMA project crystallised immediately losses of €42 billion on the books of the banks, which triggered a massive round of recapitalisation? Subsequently, NAMA sold on the assets...

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

Michael McGrath: But if they had been allowed to work them out over time, as opposed to NAMA doing it, then the outcome may have been different.

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

Michael McGrath: ...was 1,073 or 62% of clients, in volume terms, and then in value terms, the aggregate value of the exceptions identified was €31.97 billion or 92% of the value of the book which transferred to NAMA. So, I know you explained some element of that would have arisen after you left, but this was a representation of the 2001 to 2008 period. Does that match your experience in your role?

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

Michael McGrath: That, essentially, 92%, in value terms, of the Anglo loans transferred across to NAMA at their origin were, essentially, an exception to credit policy. And there are various references in the document to the different levels of exceptions. But I have to ask the question: what is the purpose of a credit policy being in place if it's going to be breached so extensively and so regularly by the...

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

Michael McGrath: Can I raise the issue of the acquisition of the loans, Mr. Dukes, by NAMA, and Mr. Aynsley referenced this. The discount in the end was 61%, almost €21 billion of a loss crystallised immediately onto the books of Anglo-IBRC. Can you just clarify in terms of the valuations placed on those loans by NAMA, was the bank in a position to challenge any of those valuations or was it a very...

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

Michael McGrath: Okay. Can I ask you about the establishment of NAMA? And, as you know, it was announced first of all by the then Minister, Brian Lenihan, in April 2009, but the legislation was not signed into law until November of that year, so there was a delay because of the legislative process that had to be gone through. So can I ask in the interim phase, can you describe the impact on the...

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

Michael McGrath: It does. So the par value of what went across to NAMA which was attributable to you-----

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

Michael McGrath: Okay. And when you say that €600 million has been paid back to NAMA, you're not talking about cash flow generated there which NAMA has kept from a rent roll, for example, you're talking about actual paying back of debt. Just to clarify.

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

Michael McGrath: -----which would then be retained by NAMA by not offset against the loan balance. Okay and the €400 million is going against the €2 billion-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. By my calculations, Mr. Mulryan, of the €2.4 billion, give or take, that Ballymore owed in September 2008, almost €2 billion of that was owed to banks that ended up in NAMA the following year. You close your witness statement by saying, "In the case of Ballymore and NAMA's effectiveness, history will show that NAMA was effective in ensuring that monies borrowed were...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. So, when, when we hear from NAMA, as we have heard in this committee, and other committees of the House have heard from NAMA, about poor loan documentation - not specific now to Nationwide, but generally, in the, the loans they came across from the participating institutions - poor loan documentation, cross-collateralisation, security not being properly pinned down legally, you, you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: ...where equity would have been put in by Ballymore, would that have been in the form of cash or would it have been unrealised equity gains from other developments, for example? This was a point that NAMA made, again, to the inquiry.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Can I ask if the statement has been made with the consent of NAMA?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Corrigan. Can I start by asking about the haircut on the acquisition of loans by NAMA from the participating institutions. It ended up around 57%. Can you comment on the level of discounts which were ultimately arrived at and the reasons why you believe those discounts were so high?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Michael McGrath: Sure. I think it's generally accepted that the NAMA process over the course of 2010 took longer than expected, so to what extent were the delays in that process as a result of the, you know, incomplete security documentation, incomplete documentation generally, large collateral or differences in loan valuations? What type of difficulties did NAMA encounter when they went in and did the due...

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Michael McGrath: Okay. Overall, you are the supportive of the establishment of NAMA, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (15 Jul 2015)

Michael McGrath: ...seemed to take the view that the banks knew where the bodies were buried, as he put it, and that they were best placed to collect the loans and that while you might have an overarching structure of NAMA, with a small number of people in the NTMA, that the actual workout of the loans would be best left to the banks? You may not be familiar with his evidence but that's the broad thrust of...