Results 21-40 of 83 for nama segment:8042147

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: ...to Mr. McDonagh. I will try to keep them short and would appreciate succinct replies. I want to make a quick comment before I do that. I have an issue with the word "profit". I accept that NAMA paid €31.8 billion for what it is dealing with but the par value for these liabilities was €74.4 billion. I think "surplus" is the correct word rather than "profit". On the costs...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: Most of the developers I was talking about, who exited NAMA over the last two years, paid off the €100 million plus interest. They paid off their full par debt liability because their land value has now gone way above €100 million. Once the land value goes above €100 million, they can go to another bank or go to another funder and say, "I've got...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: I thank Mr. McDonagh. We will return presently to other Deputies who might have follow-up questions. To return to the overall sums, the par value is €74.4 billion, having been bought by NAMA for €31.8 billion. The agency has a surplus of €4.2 billion and that will, one hopes, go closer to €5 billion, although that still leaves us in the region of almost...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Cormac Devlin: ...as I must return to the Chamber. I thank Mr. McDonagh and the Comptroller and Auditor General for their opening statements. I will ask a few brief questions. Mr. McDonagh has highlighted that NAMA does not own the development sites in its portfolio and that they are instead owned by the debtors, which is straightforward enough. How many of the sites that were in the guardianship of...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Matt Carthy: I thank Mr. McDonagh for that. The committee has always acknowledged that the National Asset Management Agency Act was not necessarily breached, but we had indicated we believe NAMA should have done more to investigate the connections between companies managing assets on its behalf and the companies seeking to purchase NAMA loan portfolios. Mr. McDonagh will recall that was a matter of...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...I am talking about a limited number of debtors who are house builders who have managed, by working with their portfolio, to improve value to pay off their debt. A lot of the debtors who came into NAMA were overlent by the banks originally. They overpaid for assets and, to be honest, a lot of them were amateurs. They were the ones who had a lot of the losses in the portfolio. It is a...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Brian Stanley: We will engage with witnesses from the National Asset Management Agency, NAMA, this morning. Today's meeting will focus on NAMA's financial statements 2020 and the Comptroller and Auditor General's special report 111, on NAMA's progress in the achievement of its objectives at the end of 2018. We are joined remotely from within the precincts of Leinster House by the following NAMA officials:...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: The board is working on the wind-down of NAMA at present. We will submit the report to the Minister within the next month or so. We expect that the report will ultimately be published by the Minister if he accepts it. We will plan each year from 2022 to 2025 for how the portfolio is going to decrease, how we are going to decrease staff numbers and how we are going to...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: No. A debtor in NAMA might have had built houses, partly built houses and an office that he built as part of the portfolio. He might also have had a land bank. If that debtor was exiting NAMA - let us say he owed 100 and the value of his assets was 150 - his security was released once he paid off the 100. He would not have been happy to leave behind his land bank...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: From NAMA's point of view, we have always been a lessons-learned, continuous improvement organisation. If there is something that can be improved, we are always anxious to improve it. If anyone wants our advice, we give it. My colleagues and I regularly give advice to other countries that are considering setting up debt management agencies in respect of issues they...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Matt Carthy: Considering the crisis we are in now, it appears that such a decision warrants further investigation. Of the 7,000 properties identified by NAMA - and some might argue that this figure is too low - it seems 4,500 were not considered in any great way. It was indicated that 2,629 properties were delivered for social units and that a little under 1,400 were social houses to begin with,...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Seán Sherlock: We understand NAMA's remit and the legislation, but there is the potential for 3,500 residential units at the Poolbeg West site. That is clearly understood. We know that there is about 93,000 sq. m of commercial development. Will Mr. McDonagh talk me through where Poolbeg is at present? My questions are specific. Has a preferred bidder been identified for NAMA's venture partner in the old...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

...thought were commercially viable at that stage and others could become commercially viable in the future. A number of debtors who were with us paid off all the debt they owed to the taxpayer, left NAMA and brought their considerable land bank with them of potentially 9,000 units that could be delivered. If they paid off their debt to the taxpayer and went elsewhere, then their values...

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: If the internal rate of return is the standard metric for property-related investments, why did NAMA deem it appropriate to use an alternative measurement?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Catherine Murphy: Why is Mr. McDonagh counting in the way he has outlined? It looks like he is bigging up what NAMA has delivered directly.

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: I apologise for being a bit late arriving. Was it 2,445 houses in total that were delivered to councils or approved housing bodies by 2018 or did NAMA only provide around 500 between 2015 and 2018?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: Am I correct in saying that, in reality, rather than delivering 2,500 social houses, NAMA facilitated 1,300 houses to remain as social housing and then brought a further 1,200 into the market?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: How many have been delivered to date? What was NAMA's projection?

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Mr. Brendan McDonagh: Our projection was for us to have delivered somewhere between 11,000 and 12,000 units directly and approximately 8,000 through builders who were in NAMA at one stage but have since left.

Public Accounts Committee: NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General (30 Sep 2021)

Imelda Munster: Did the Minister ask NAMA how many it could provide?