Results 21-40 of 1,732 for nama speaker:Michael Noonan

Priority Questions: Commissions of Investigation (4 Apr 2017)

Michael Noonan: ...policy to establish a commission of investigation. Since then, the Committee of Public Accounts has undertaken extensive hearings and has received extensive verbal and documentary evidence from NAMA, the Department of Finance, many of the companies involved in the Project Eagle bidding process and me. The committee has published a detailed report which has been discussed in the...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: ...has investments or with IBRC, I am assuming that the Deputy is querying whether the Comptroller and Auditor General has raised concerns regarding the issues associated with IAS 39 with respect to NAMA and I am answering the question on that basis.  IAS 39 is the current accounting standard for the recognition and measurement of financial assets and liabilities which applies...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: I propose to take Questions Nos. 66 and 85 together. I am advised that NAMA's records management policy is entirely in line with best practice among public and private organisations.  I am also advised that implementation of the policy ensures that all key records held by NAMA are retained and that they will therefore be available, if required, for any business purpose including in...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: ...Nos. 69, 70, 79 and 87 together. I would refer the Deputies to my comments made at the opening of the debate last week on the report of the Committee on Public Accounts regarding the sale of NAMA's Project Eagle portfolio, where I expressed my views on the recent criticism of NAMA following publication of a report commissioned by an ex-debtor of NAMA. Deputies will be aware that...

Written Answers — Department of Finance: Financial Services Sector (4 Apr 2017)

Michael Noonan: ...square foot of commercial office space with full planning permission for future developments within the greater Dublin area, along with competitive property solutions coming on stream throughout the regions. The Government's Housing Strategy aims to boost housing supply by at least 25,000 per annum by 2020.  NAMA has become an active funder of the housing market and plans to build...

Written Answers — Department of Finance: NAMA Transactions (4 Apr 2017)

Michael Noonan: I do not propose to commission the review suggested by the Deputy.  NAMA is already subject to a substantial level of scrutiny from the Oireachtas and to audit by the Comptroller and Auditor General, including the C&AG's Section 226 review which I understand is currently underway. Nor do I propose to take any action with regard to NAMA's future sales activity.  As I pointed...

Written Answers — Department of Finance: NAMA Operations (4 Apr 2017)

Michael Noonan: I would like to refer the Deputy to Parliamentary Question No. 126 of 21 February 2017 which also address these questions.  Currently NAMA expects to redeem 100% of its guaranteed senior debt by the end of 2017 and expects to redeem its subordinated debt in March 2020. NAMA will focus on completing its ongoing deleveraging, its Dublin Docklands SDZ and...

Report of the Committee of Public Accounts re National Asset Management Agency’s sale of Project Eagle: Motion (29 Mar 2017)

Michael Noonan: ...the meetings during our appearances, yet criticism of these meetings was conjured up by the Committee of Public Accounts at the last minute. That is a criticism I cannot accept. Regarding NAMA, many of the judgments in the report regarding the agency have been well rehearsed in the context of the Comptroller and Auditor General's report. I recognise that the report of the Committee...

Report of the Committee of Public Accounts re National Asset Management Agency’s sale of Project Eagle: Motion (29 Mar 2017)

Michael Noonan: I thank my colleagues very much. It is fashionable to criticise NAMA. It is particularly fashionable for certain developers and their camp followers to do so. I noted further criticism of NAMA in a Sunday newspaper last weekend. Before Members accept as fact this seriously flawed analysis, they should read in full NAMA's rebuttal, which is available on its website. I want to touch...

Report of the Committee of Public Accounts re National Asset Management Agency’s sale of Project Eagle: Motion (29 Mar 2017)

Michael Noonan: I move:That Dáil Éireann shall consider the Report of the Committee of Public Accounts entitled Examination by Committee of Public Accounts of NAMA’s Sale of Project Eagle, copies of which were laid before Dáil Éireann on 15 March 2017. I thank the Chairman of the Committee of Public Accounts for presenting this report to the Dáil today and the committee...

Written Answers — Department of Finance: NAMA Property Sales (28 Mar 2017)

Michael Noonan: The Deputy will be aware that Statements on the Establishment of Commission of Investigation into NAMA were taken in this House on Wednesday, 1 February 2017. As indicated on that occasion, the sensible course of action was to wait for the publication and consideration of the Public Accounts Committee's ("PAC") report before deciding on next steps.  The Deputy will be...

Written Answers — Department of Finance: NAMA Portfolio (28 Mar 2017)

Michael Noonan: The Deputy will be aware that NAMA does not own property.  NAMA acquired loans and its role is, like a bank, that of a secured lender. NAMA holds security over properties that are owned by its debtors or, in the case of enforcement, which are managed on behalf of those debtors by duly appointed insolvency practitioners. As a result, where properties which secure NAMA loans are...

Written Answers — Department of Finance: Insurance Costs (28 Mar 2017)

Michael Noonan: ...insurance policies for the risks specified. ICCL has arranged specie insurance to cover the cost of statutory compensation claims in circumstances where the annual cost of claims to the ICCL would exceed €15m. N/A Credit Union Advisory Committee CUAC is covered under the State Claims Agency therefore no direct insurance costs are incurred. N/A Credit Union Restructuring...

Written Answers — Department of Finance: NAMA Operations (21 Mar 2017)

Michael Noonan: As the Deputy will be aware, NAMA does not own property, and its role in relation to property is as a secured lender. As a result, where properties and assets over which NAMA holds a charge are being sold, the sales process is managed by the property owner or by a receiver. NAMA does not manage the sales process, but NAMA guidelines require that a property is openly marketed, with the...

Other Questions: State Banking Sector Regulation (28 Feb 2017)

Michael Noonan: ...of Deputy Doherty's advocacy and the fact that he puts information that is incorrect on the record does not make his arguments correct. I have always said that I have certain responsibilities for NAMA. I have those responsibilities for NAMA which are enshrined in the NAMA Act as enacted by the Houses of the Oireachtas. That legislation provides a role for the Minister for Finance but it...

Other Questions: State Banking Sector Regulation (28 Feb 2017)

Michael Noonan: ...mandate to achieve the best possible return to the State by protecting, enhancing where possible, and ultimately realising the value of assets it has acquired. To achieve the maximum return to the taxpayer, NAMA was established as an independent commercial body under the direction of an independent board. I highlight for the Deputy that NAMA is operating within its mandate and...

Written Answers — Department of Finance: Commissions of Investigation (28 Feb 2017)

Michael Noonan: I am advised that any reference to an allocation for commissions of investigation in the 2017 revised estimates does not relate to a commission of investigation into NAMA or Project Eagle.  A commission of investigation into NAMA's Project Eagle has not been established and would not receive an appropriate budget allocation until such time as this occurs.

Written Answers — Department of Finance: NAMA Operations (28 Feb 2017)

Michael Noonan: NAMA was established as an independent commercial body to operate under the direction of its Board of Directors, in accordance with the NAMA Act. Under Section 10 of the NAMA Act, NAMA is mandated to act in a commercial manner to obtain the best financial return for the State.  As such, NAMA's dealings with its debtors, as well as the management, funding and sale of assets are all...

Written Answers — Department of Finance: NAMA Board (28 Feb 2017)

Michael Noonan: Under Section 19 the NAMA Act 2009, the NAMA Board is to consist of nine members - the NAMA Chairman, the CEO of NAMA (ex-officio), the CEO of the NTMA (ex-officio), and six ordinary members. There are currently seven members on the NAMA Board and there are, in fact, two vacancies for ordinary members. NAMA has had at least one vacancy on the board since October...

Written Answers — Department of Finance: Construction Industry (28 Feb 2017)

Michael Noonan: ...Activation Fund (LIHAF), Local Authority resources and commercial investment.  Two pilot projects currently being considered would facilitate 6,000 housing units. More broadly, my Department is engaging with NAMA around the levels and pricing of debt and equity investment to ensure financing is being provided on competitive terms. The availability of development finance alone...