Results 41-60 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)

Mr. Frank Daly: -----concerning the formation of the LDA, except to the extent that the project manager for the LDA was NAMA’s chief financial officer, as Deputy Kelly knows. I would not say that we have had discussions about the LDA. I can see a possible synergy in the future. From what I have seen about the LDA and the discussions the announcement around it, it has a very...

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)

Alan Kelly: He might as well just tell Mr. Daly, then. I am looking for transparency. According to Mr. Daly, he would not say that NAMA had had any discussion. He can correct me if I am wrong, but I take it from that that no one in NAMA had any discussion with any Government representative in any way, shape or form regarding the LDA's creation.

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)

Alan Kelly: Just for clarity so that the witnesses can answer fully, did NAMA have any discussion with any human being on the Earth regarding this matter? I am not being facetious. I just need to cover this. Information is provided to us as Deputies, we hear things and so on. We come in here and ask questions because we sometimes get misinformation and people have agendas. I just want clarity. 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)

Alan Kelly: I thank Mr. McDonagh. His answer has been helpful. Was that the only discussion that anyone in NAMA had with anyone on what was potentially to happen? I presume that the NRDA gravitated towards what became-----

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)

Alan Kelly: ..., I believe that what Mr. McDonagh suggested was deadly accurate. It is almost certain that the NRDA gravitated towards what has since been announced. Can I take it as a given that no one in NAMA had any other discussion on this matter?

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)

Alan Kelly: I thank the witnesses. That was helpful. I have two final questions. Strategic development zones, SDZs, have been mentioned and were outlined in NAMA's letter. Regarding a number of other sites, it is inexplicable that NAMA hit certain roadblocks getting them to the development stage. The example of the Dublin docklands was given. It has pushed on to 61%. The Poolbeg site situation...

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)

Alan Kelly: ...to name a site or local authority, I will. What about the Player Wills site? It is an incredible site that I know well. It covers 4.32 ha and has been vacant for more than a decade. I know NAMA's remit, I explain it to people from time to time and I know how strict its mandate is, but to the public leaving that acreage in a prime location with access to facilities and the potential for...

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)

Alan Kelly: I respect the legal obligations and the situation NAMA is left in. I know NAMA's mandate off by heart. Having said that, it is robbing Peter to pay Paul from the public's perspective because of the economies that would be created by DCC having this site for affordable and cost-rental housing. It will cost the State more by going down this route. I know state aid rules well. I went...

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: On that point, Mr. McDonagh mentioned the increased valuation of the site and he made a big play in his opening remarks about the Poolbeg West project. He says that NAMA got its designation in 2016 and it will be 2020 before a house has been started on. It will, therefore, be at least 2022 before somebody moves into a house there all going well. That is a time lag of six years. It dawned...

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: Are there many other major sites because Mr. McDonagh said in his opening remarks that two thirds of all of NAMA's property assets are in Dublin 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)

Seán Fleming: Some 70% of the assets NAMA is sitting on now are in Dublin.

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: Out of the sites and loans in that 70% under NAMA's stewardship in the Dublin area, how many major or well known sites are there? How many have that kind of risk attached? Mr. McDonagh is clear that Poolbeg West will not be problematic so he must have information on others. Are there many risks out there?

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)

...earlier, a number of our debtors whom it was thought would never pay off their par debt are now in a position to do so. If they pay off their par debt, they can take their loans and assets out of NAMA and we cannot do anything about it because they have paid their debt and they have somebody new to finance 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)

Seán Fleming: Without identifying any sites, out of the 70% of the landbank under NAMA's control in Dublin, on approximately how many of those could that happen? Mr. McDonagh is saying that some cannot-----

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: As of today, approximately 30 developers are building residential units and working with NAMA and fair dues to them. They are getting on with it and doing their jobs properly, but six to seven of them are telling us that they are close to getting funded by somebody else and that they could then come in and repay all of their debt to the State.

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)

...have none but if land values keep increasing, the value of the assets many of these debtors will increase to such an extent that they will be able to come in and write a cheque and walk away from NAMA.

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: On the land NAMA has control over, Mr. McDonagh estimates that the figure will be down from 42,000 potential units to 9,000 by 2020. The change from 42,000 to 9,000 is 33,000 units, how many of those does he think NAMA will build or does he think the private sector will write a cheque and walk away? The reason I ask that is that everyone thinks that NAMA might be the solution given 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)

Seán Fleming: In other words, it is far more realistic to say - if that happens, and it could well happen - that of the 42,000 houses that could potentially be built on NAMA land, only half that amount would be under the control of NAMA in a couple of years 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)

...because as the prices improve in the market, if one is a debtor and one can afford to pay off all of one's debts one is probably better to be with a bank or other financial institution rather than NAMA.

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: NAMA is not good for their credit rating.