Results 401-420 of 1,051,702 for in 'Dáil debates' OR in 'Committee meetings' (speaker:Tom Kitt OR speaker:Anne Rabbitte OR speaker:Michael Moynihan OR speaker:Simon Coveney OR speaker:Pearse Doherty OR speaker:Heather Humphreys)

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: That was not the lens that was suggested when the Minister for Finance came to the Seanad or the Dáil. They were very open about this before this committee. The idea was not just to recover the amount of money that was paid. There were substantial haircuts. Property prices were at some of the lowest points. Deputy Murphy mentioned substantial haircuts; for Irish Nationwide the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Let us do a counterfactual in relation to the assets underpinning those loans, which NAMA was asked to manage. It is in the title: National Asset - not "fire sale", "sale" or "try to find a floor in the property market" but "Management" - Agency. Property prices have increased since 2011 by 127%. I was in the Seanad at the time of the legislation and a report came out showing property...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: You can answer it because it is a simple question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Okay. Let us be clear. Mr. Carville knows the answer to this. If NAMA held on to the assets it disposed of during 2013, 2014 and 2015-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Let me ask the question. If Mr. Carville does not want to answer it, that is fine, but let me put it. If NAMA had held on to the assets and disposed of them today, would it have made billions of additional euro for the Irish taxpayer? Is that not a blatant fact?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Sorry, do you dispute the fact?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: No, I am not.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: NAMA sold those assets and those assets have increased in price significantly since that sale. Is that not a fact?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: We would be having a different conversation because instead of crystallising a €40 billion loss, we would be talking about a fraction of that. I agree that it would be a very different conversation about the taxpayers' losses that were incurred not by NAMA but by Nationwide and the reckless lenders of bankers in Anglo, AIB and Bank of Ireland. That loss would have been less. That is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Hang on. Come on. Let us be serious. Do not take that approach. If property prices were half the price they were in 2012 that they are today, then would it have been more beneficial to me to sell property back in 2012 when I was getting half the price compared to today? This is stuff I can talk to my 12-year-old about. What would the cost of managing the property over that ten years be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Let me go onto the legislation. I was responding to a point that has been made numerous times. I am not personalising this because, as I have said numerous times, this is about the profits. All employees from NAMA will go into the NTMA. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: There are senior people in NAMA because they are overseeing a large organisation and are responsible for managing a team. Will they hold their paygrade as they go into a subdivision of the NTMA?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Is it not a matter for this legislation, where the heads of the Bill state that in respect of all entitlements nobody will be at a loss as a result of the transfer to the NTMA? I think it might be head 19.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: It is. That is why when Mr. Carville says this is a matter for the NTMA, it is not. It is actually a matter for this legislation. What is the pay of the most senior people in NAMA at the minute?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: The chief executive is paid €440,000. I presume there are people at a very senior level who are below that number.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: The legislation states they will go into the NTMA and be seconded into this unit. Some of them are already employed by the NTMA and they may go back to their original roles. They will keep all of their wage structures despite the fact that their responsibilities will change because NAMA is being wound up. Is that correct? Is that what the legislation states?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: If they do not require the person in NAMA who was getting hundreds of thousands of euro, according to this legislation they still have to be paid hundreds of thousands of euro even though the resolution unit may not need their expertise. Is that what the legislation says?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: Are we going to just find a wee corner for them and pay them over in the corner? How does that work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: I am not talking about the chief executive. I made it very clear - there is an old structure below that. I am not individualising it. I do not even know whether that person is seconded and will go back to another role. I am not making it about any individual.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill: Department of Finance (18 Sep 2024)

Pearse Doherty: The intention is also to wind up the IBRC before the end of the year and transfer whatever remaining assets it has. The intention was to dispose of assets in Russia and Ukraine in 2024. Will Mr. Carville outline those assets for the committee and their value? Eye-watering fees are being charged by the special liquidator to liquidate the IBRC. The taxpayers feel they were taken for a ride...