Results 41-60 of 386 for nama speaker:Catherine Connolly

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)

Catherine Connolly: I will come back to the breakdown of social housing in a minute. NAMA is talking about the success it has had in being able to give money back to the State but that applies if one draws a circle. If one draws an inner circle, in which NAMA is making a surplus, and an outer circle the space between the inner and outer circle is what the taxpayer has borne in addition, through recapitalising...

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)

Catherine Connolly: NAMA is doing its job in terms of the Act. In my opinion, the Act has a separate part. NAMA has not received one directive from any Minister relating to its duty under the Act.

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)

Catherine Connolly: ...under the other objectives, which are very important to me. The next thing is value for money. There is a tribunal as we speak, a commission of inquiry relating to a particular project from NAMA and its costs. I see NAMA as inadvertently part of the problem, whether the witnesses like it or not. In the context of the mandate they have been given, property prices have to keep rising...

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)

Catherine Connolly: Absolutely, but I am trying to tease out what is happening. On the question of value for money, if property prices keep rising as they are, NAMA is getting a return and it looks good on paper. In the meantime we have a housing emergency. We are paying €300 million in housing assistance payments this year alone to private developers. These things are the implications of having no...

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)

Catherine Connolly: ...highlighted here? He states that you do not use the standard method of confirming the return. He refers to an entity return on investment, EROI, and an internal rate of return. I understand that NAMA is making its assessment on the basis of the market value which it did not pay.

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)

Catherine Connolly: There are two ways of measuring this. The Comptroller and Auditor General has highlighted the fact that NAMA does not use the standard way of doing 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)

Catherine Connolly: I am left now not understanding this. I put my hands up. I am being told by the Comptroller and Auditor General that NAMA is not taking the time value into account in the metric-----

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)

Catherine Connolly: Let me finish. I am not an economist or a financial. That is what I read in the summary and it is repeated in the report. It says the Act requires NAMA to obtain the best achievable financial return. In 2014, and only in that year, NAMA set an entity return on investment target of 20% and on that it achieved 33%. The report says that this measure does not take account of the time value...

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)

Catherine Connolly: The Comptroller and Auditor General's report says one thing and the witnesses are saying another. In the simplest English, I ask Mr. McDonagh to clarify why NAMA is adopting that metric as opposed to the standard metric.

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)

Catherine Connolly: I did not say anything about the Comptroller and Auditor General saying whether NAMA was wrong or right. He highlighted the different metrics.

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)

Catherine Connolly: NAMA is using one and the standard metric is different. Using NAMA's metric, there is a better outcome. Is that right? It looks better on paper using NAMA's metric.

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)

Catherine Connolly: .... The Comptroller and Auditor General highlights a register that was not updated while property was being sold. Six apartments had already been sold and the purchaser pointed that out to NAMA. What is the status of the property register now?

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)

Catherine Connolly: Has NAMA made changes then?

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)

Catherine Connolly: .... I presume my pronunciation is correct. It is slightly easier in Irish than French. What is the reluctance to comment on this? It is a loan sale project, I presume, which went ahead in 2012. NAMA has had ample time to reflect on it. It is 2018. Was it sold for much less than its par value?

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)

Catherine Connolly: ...peril because it is certainly not my area. Page 11 of the report of the Comptroller and Auditor General refers to the rate of return. A fundamental difference is being highlighted, namely, that NAMA's measure, the entity return on investment, EROI, does not take in the time value of the money. What the Comptroller and Auditor General is saying is that the "Internal rate of return is a...

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)

Catherine Connolly: The measure that NAMA has adopted is more suited to the narrative that the agency has done well, rather than the 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)

Catherine Connolly: Could that be clarified? Mr. Daly is saying NAMA does not have the capacity and that there is pressure on 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)

Catherine Connolly: ...33 of the report of the Comptroller and Auditor General, which uses the heading "Internal rate of return - debtor level". Again, there is a very specific point being made. At the end of 2010, NAMA had over 750 debtor connections in its loan portfolio, and then so many exited. It is all set out in the report. The examination team from the Comptroller and Auditor General's office applied...

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)

Catherine Connolly: NAMA paid €31.8 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)

Catherine Connolly: I am not arguing about whether NAMA was forced. These are just the facts. NAMA paid €31.8 billion. I am not sure why Mr. McDonagh is laughing because I do not see anything to amuse me here. NAMA paid €31.8 billion. Is that not right?