Results 61-80 of 727 for nama speaker:Seán Fleming

Public Accounts Committee: Business of Committee (8 Nov 2018)

Seán Fleming: Do we have a reply from NAMA? We will follow it up. We have not seen the reply. Our first letter to it asked questions and we had to write a second letter to it about Project Nantes. That only went out when we-----

Public Accounts Committee: Business of Committee (25 Oct 2018)

Seán Fleming: ...houses asking the Departments and everyone else. That will be sent out to us during the week and we are going to keep track of it. Next is No.1657 B from Ms Mary Lawlor, communications department, NAMA, providing an information note requested by the committee on the €24 billion sale of underlying assets with a geographic breakdown of where the purchasers were located. She does not...

Public Accounts Committee: Business of Committee (18 Oct 2018)

Seán Fleming: ...Mr. Derek Moran, Secretary General, Department of Finance, dated 8 October 2018, providing the following information requested by the committee: additional information relating to cash holdings in NAMA, the impact of negative interest rates, and an update relating to the case before the courts regarding the IBRC liquidation. In respect of the special liquidation of IBRC, the Department is...

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 6 - Vote Accounting and Budget Management
Vote 11 - Minister for Public Expenditure and Reform
Vote 12 - Superannuation and Retired Allowances
2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Collection of Pension Contributions due to the Exchequer
Chapter 3 - Control of Funding for Voted Public Services
Chapter 5 - Vote Accounting and Budget Management
Vote 11 - Minister for Public Expenditure and Reform
Vote 12 - Superannuation and Retired Allowances
Comptroller and Auditor General Special Report 95: Financial Reporting in the Public Sector
Comptroller and Auditor General Special Report 99: Public Sector Financial Reporting for 2015
Comptroller and Auditor General Special Report 100: Public Sector Financial Reporting for 2016 (18 Oct 2018)

Seán Fleming: Is Mr. Watt on the board of NAMA?

Public Accounts Committee: Business of Committee (Resumed) (4 Oct 2018)

Seán Fleming: ...clear audit opinion in respect of NSCDA (Operations) Designated Activity Company which is involved in developing and operating the National Sports Campus. There is a clear audit opinion in respect of NAMA and a number of its subsidiaries, including the National Asset Management Designated Activity Company, the National Asset Loan Management Designated Activity Company, the National Asset...

Public Accounts Committee: Business of Committee (27 Sep 2018)

Seán Fleming: ...provided to the committee. We note and publish that. The next item of correspondence is No. 1593B from Deputy Mick Wallace dated 21 September requesting that the committee make inquiries with NAMA on Project Nantes. The secretariat has requested that NAMA follow up on this after last week's meeting and the queries raised by the Deputy are included. He was obviously watching last...

Public Accounts Committee: Business of Committee (27 Sep 2018)

Seán Fleming: ...the inquiry. We note the individual's correspondence and if members wish to discuss it next week please feel free to do so. The next item of correspondence is No. 1494C from Ms Mary Lawlor from NAMA, dated 23 July replying to our inquiries on the sale of a property adjacent to AIB headquarters. It had been suggested that the property had belonged to a NAMA debtor. NAMA has confirmed...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: ...hope the committee can agree on them. I sent out a draft timetable indicating that we would deal with the work programme and certain items of correspondence and that at 10 a.m. we would move on to NAMA. I propose that, when we finish with NAMA, maybe before the vote, we conclude the meeting and hold over the correspondence until next week. There is a large volume of correspondence. We...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: ...are set down by the Minister in legislation and do not fully comply with international accounting standards. We exclude contingent liabilities. I intend raising the issue of agencies such as NAMA, which are not on the State balance sheet. I will raise these issues to have them taken into consideration. The final issue is contingent assets. There is money out there that the State does...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: I am going to raise the issue of NAMA-type organisations being off the State balance sheet. I want to put it on the public record. The public does not understand this. As we all know, NAMA was created when the Government took over the banks on behalf of the State and the taxpayer. I will explain this in two sentences. The Government did not want that on the State balance sheet.

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: If I am not 100% right, Mr. McCarthy can correct me down the line. The principle of what I am saying is as follows: the idea of setting up an organisation called the NAMA Group was developed in the Department of Finance. The NAMA Group has a shareholding of €100 million. Some 51% of it is owned by the private sector. One of the insurance companies - Irish Life - owned some of the...

Public Accounts Committee: Business of Committee (20 Sep 2018)

Seán Fleming: .... Logically, it should be part of the State apparatus. It is not on the State balance sheet. I want to raise those types of accounting issues. I know we are about to talk to representatives of 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: 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)

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: 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: 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)

Seán Fleming: NAMA is not good for their credit rating.

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: The point I am making is that people thought NAMA was potentially a panacea for large housing developments in the Dublin area. On the positive side, it is great that the people paid back their par debt and the taxpayer gets all of this money back from those loans. That is great news. On the other side, it means the State will have lost control of the sites in terms of State development but...

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: It was set at the establishment of NAMA.