Results 1-20 of 282 for nama segment:7215200

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: Our meeting today will deal with NAMA's financial statements for 2016 and 2017 and the Comptroller and Auditor General's special report No. 102 on the National Asset Management Agency second progress report, which was published during the course of the summer. We are joined by Mr. Frank Daly, chairman of NAMA, Mr. Brendan McDonagh, chief executive, Mr. Alan Stewart, chief legal officer and...

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)

Mr. Seamus McCarthy: I am joined for this part of the meeting by Ms Patricia Devlin, deputy director of audit. The National Asset Management Agency Act 2009 defines the purposes which NAMA is statutorily designed to serve, and requires the board of NAMA to set strategic objectives and targets to guide its activities. Under section 226 of the Act, I am required to carry out periodic...

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)

Mr. Brendan McDonagh: The committee has invited us to discuss NAMA's 2016 and 2017 financial statements and the Comptroller and Auditor General's second progress report on NAMA, which was published in July 2018. The key financial results set out in the 2016 and 2017 financial statements represent significant progress for NAMA in terms of achieving its objectives. We recorded an aggregate...

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)

Peter Burke: ...hanging over our Exchequer, which has now been repaid. I also refer to the repayment date of March 2020. Could Mr. McDonagh give me a brief overview of the geographical location of the overseas assets NAMA holds now, and the strategy employed in disposing of them?

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)

Peter Burke: I thank Mr. McDonagh. It obviously shows a huge amount of progress on our overseas property and loan portfolio. Obviously, when an organisation such as NAMA is acquiring in excess of 12,000 loans, there will always be public commentary and debate on aspects that people deem controversial. It was very clear from the NAMA Act, however, that assets were to be disposed of judiciously and that...

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)

...six months with the troika, with 40 people in the room, including representatives of the IMF, European Commission and the European Central Bank. They would be shouting across the table at me asking why NAMA was not selling more and generating more cash. They said they wanted NAMA to generate more cash and that it was too slow generating it. That happened. We said we would reach the...

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)

...People can say many things about the legislation but I believe section 10, which refers to the best achievable financial return, has been a very good guide and a very good standard bearer for the NAMA board in terms of setting out its job and what it is supposed to do. The word “expeditiously” was inserted by the legislators. The legislation passed through the Oireachtas....

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)

Mr. Frank Daly: Let me comment on the Act. I have been around many Acts in my time. One of the great strengths of the NAMA Act is the focus it gave to the board and the organisation. There are all sorts of other solutions talked about from time to time and it is said that perhaps we should have done other things with the loans, but the fact that NAMA was set up and had a very focused...

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)

Mr. Brendan McDonagh: The issue was that NAMA was another contingent liability. The NAMA bonds were being used by the banks to go to the ECB to get cash. The ECB felt that the Irish banks were overly reliant 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)

...I believed that there would be longer-term value in the portfolio if we kept our cool and rode it out. That was the right thing to do and I stand by that decision to this day. People talk about NAMA selling off assets in 2010 or 2011 and argue that we got very bad value. They point out that the buyers of those assets made lots of money afterwards but they must remember that at that time...

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)

Peter Burke: Mr. McDonagh refers to "extensive and patient engagement" in the context of local authorities and getting sites ready. The take-up by local authorities of NAMA properties for social housing was only 40%. In terms of the jigsaw that is the housing crisis, what is Mr. McDonagh's view of how the local authorities are dealing with the issue in the context of NAMA's engagement with them?

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)

Mr. Brendan McDonagh: People must understand that NAMA did not own the properties involved. Our debtors or receivers owned them. We only held the loans. We told our debtors and receivers that there were potential buyers of their assets in the form of local authorities. We pointed out that there was an opportunity for them to sell unsold stock. We also worked with the Housing Agency and...

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)

Peter Burke: I am never one to challenge ambition but does Mr. McDonagh believe the 2017 target of 18,000 units is realistic in the context of NAMA's termination cycle?

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)

...that we will fund and facilitate up to 20,000 units because we believe we can do that. We will probably fund up to 14,000 directly. The other 6,000 are effectively attached to debtors who were in NAMA and who, due to increases in both house and land prices, are in a position to pay off all of their debts. They still have sites which they will build on because they have new lenders who...

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)

David Cullinane: ...to focus on a number of different topics. Notwithstanding the interesting anecdotes of meetings with the troika and Ministers for Finance, I want to first get some context on the performance of NAMA. I have no doubt a lot of good work was done and a lot of good decisions, it seems, were made. Other decisions were questionable and we have scrutinised them in the past, although I will not...

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)

Mr. Seamus McCarthy: The par value of the loans acquired by NAMA was €74.4 billion. NAMA paid €31.8 billion for those. A point has been made that, within that payment of €31.8 billion, €5.6 billion was state aid. Effectively, it was the premium that NAMA paid over the current market value of the houses. The fact is that, having paid that €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)

Mr. Seamus McCarthy: Obviously, the State supported the banks. I have reported separately about bank stabilisation. Subject to a final figure from NAMA, we are looking at a figure of about €38 billion to €40 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)

David Cullinane: ...out there first, as I thought it important. With regard to housing, and I want to stay with the Comptroller and Auditor General, chart 7.1 gives a breakdown of how many units were completed by NAMA and delivered up to 2016. Is that correct?

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)

Mr. Brendan McDonagh: Yes. The latest figures are that we have close to 8,000 funded directly and about another 2,500 built on land which was in NAMA on which former debtors who have existed NAMA have built. It is about 10,500 in total.

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)

David Cullinane: ...situation, and I will come to that shortly. To understand that and to link his contribution on the housing market and housing problem or crisis, whatever way one wants to describe it, with what NAMA did, one would need to have some sense of who owns those 8,000 properties. For example, how many are owned by corporate landlords and how many by families?