Results 1-18 of 18 for nama segment:7283254

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...over the minutes and will come back to them shortly. The next item I want to get clearance from the committee in connection with is No. 3, a motion on the second periodic report relating to NAMA. We discussed this at the last meeting. It relates to the terminal surplus and possible consideration of NAMA's activities after its wind-down. We agreed that we have to put a formal motion to...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Murphy: I am okay with that because it is neutral enough. The Taoiseach said in the Dáil yesterday that all of the NAMA surplus will be used to pay Government debt. That is the understanding of Government. I do not think it should be spent that way.

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: This goes back to the report that we issued on 28 March. We recommended that there should be a Dáil debate on the projected terminal surplus of NAMA on the basis that NAMA is so unique that there are no EU rules on it. There is no requirement in EU rules to pay down Government debt. It is a domestic political decision. We cannot prevent the Government from having a view but we did...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Connolly: I agree with the Chairman totally. There should be a debate on it, especially on the utilisation of any surplus from the orderly wind-down of NAMA or the possible consideration of-----

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Connolly: We are not recommending that. It is an open discussion on that. The thought that NAMA would be used for other purposes came from other sources. I think it came from the Government. We are not endorsing that but simply saying to discuss it.

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...national policy on this. This is the wording we put in our report six months ago. We are now saying we should discuss the wording. It does not make a particular indication on the future use of NAMA's potential surplus because we have no authority to do so. We are saying that what needs to happen, which has not happened in Irish public life to date, is a Dáil debate on the matter....

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...correspondence, which provides very good information. I thank the agency for supplying it. It gives details, by local authority, of the provision of social housing, the number of offers made by NAMA and the 2,475 housing units that were taken up by local authorities as a result. It also provides details on the €70 million funding the agency has been provided with in respect of...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Shane Cassells: What was key on the day from NAMA's and Mr. McDonagh's point of view was NAMA's willingness to assist local authorities with the completion of housing projects if they had not been finished and so forth. He stressed that it was not a financial issue from NAMA's point of view.

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...with HAP to some extent next week as we will have representatives from the Departments of Housing, Planning and Local Government with Employment Affairs and Social Protection. No. 1724B is from NAMA and provides information requested by the committee regarding the geographic location of purchasers of €24 billion of disposals by NAMA. That follows on from a previous letter. It...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: It is No. 1724B. It is only one page. NAMA had given us a breakdown of where the purchasers of NAMA property sold in Ireland were from and we asked for the breakdown of all secured assets worldwide. The letter indicates that the jurisdiction of the purchasers in respect of the €24 billion of secured assets, both Irish and foreign, is as follows: 33% of the purchasers were in Great...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...Systems projects. Most interestingly, we asked whether the company that got the projects was always the lowest bidder. I will give credit to the Department for providing us the full information. NAMA could follow its example. We will note and publish this interesting schedule. There are 42 schools. The note lists the top five or six tender prices, with the winning tender highlighted...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: ...report. We are moving on to correspondence category C. A letter has been received from Deputy Wallace with a further query regarding Project Nantes. We forwarded correspondence received from NAMA to Deputy Wallace and he has reverted with queries. We decided last week to request further details from NAMA and we will include these queries in our request. This is about section 172,...

Public Accounts Committee: Business of Committee (22 Nov 2018)

David Cullinane: We have received several pieces of correspondence on Project Nantes and we tried to address it when NAMA last appeared before us, but NAMA was not in a position to answer questions on it, or at least the questions that were being put. We are getting information. We cannot take all of it at face value, but many questions are being raised. We were able to examine Project Eagle because the...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Mr. Seamus McCarthy: People should note that Project Nantes is a 2012 disposal. Obviously, we audit the financial statements of NAMA each year. We did not examine Project Nantes in the course of the 2012 audit. However, it is certainly on my radar given the issues that have been raised. I have sought information from NAMA. I have not yet got all the information I sought. When I have...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Connolly: I would be happy to wait for the Comptroller and Auditor General to come back after he gets further information to see what his viewpoint is at that stage. The committee can certainly have a role. NAMA was set up arising from a failure of governance and of regulation. When representatives of NAMA have come before us, we have expressed the most serious concerns about the lack of governance...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Seán Fleming: Yes, there is. There will be a debate on NAMA's expected terminal surplus. The members of this committee will be able to raise those points in the Chamber as well as at this committee. The Comptroller and Auditor General is seeking information. We have gone back for further information. The Comptroller and Auditor General has raised the whole issue of the section 172 declarations. It...

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Murphy: All of us have concerns about loans that were in NAMA. People seem to be back in control of assets that they have possibly gained by virtue of getting back into a position without appearing to have the ability to do that. That is the genesis of this. It is a concern for me. People were not supposed to be able to buy back their loans-----

Public Accounts Committee: Business of Committee (22 Nov 2018)

Catherine Murphy: -----unless they could buy something at par value. It may be anecdotal, but it appears that some people have been able to do this. What kind of follow-through is done by NAMA afterwards? There could be people fronting for other people and things like that.