Results 1-7 of 7 for nama segment:7215042

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: ...hope the committee can agree on them. I sent out a draft timetable indicating that we would deal with the work programme and certain items of correspondence and that at 10 a.m. we would move on to NAMA. I propose that, when we finish with NAMA, maybe before the vote, we conclude the meeting and hold over the correspondence until next week. There is a large volume of correspondence. We...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Catherine Connolly: I did not give serious consideration to this issue until now. I was trying to get my head around NAMA, the correspondence and many other items. I was aware that the Chairman had received requests. I have listened carefully to the discussion and I am now moved to say we should have a discussion on this matter because I have not been convinced by the arguments against doing so. The level...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: ...are set down by the Minister in legislation and do not fully comply with international accounting standards. We exclude contingent liabilities. I intend raising the issue of agencies such as NAMA, which are not on the State balance sheet. I will raise these issues to have them taken into consideration. The final issue is contingent assets. There is money out there that the State does...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Catherine Connolly: What is the Chair going to say about NAMA being off the State balance sheet?

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: I am going to raise the issue of NAMA-type organisations being off the State balance sheet. I want to put it on the public record. The public does not understand this. As we all know, NAMA was created when the Government took over the banks on behalf of the State and the taxpayer. I will explain this in two sentences. The Government did not want that on the State balance sheet.

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: If I am not 100% right, Mr. McCarthy can correct me down the line. The principle of what I am saying is as follows: the idea of setting up an organisation called the NAMA Group was developed in the Department of Finance. The NAMA Group has a shareholding of €100 million. Some 51% of it is owned by the private sector. One of the insurance companies - Irish Life - owned some of the...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: .... Logically, it should be part of the State apparatus. It is not on the State balance sheet. I want to raise those types of accounting issues. I know we are about to talk to representatives of NAMA.