NAMA 2016 accounts to be examined by PAC

The Chairman of the Public Accounts Committee Sean Fleming TD today confirmed that NAMA will appear before the Public Accounts Committee on Thursday 29th June to discuss their 2016 financial statements which were published this afternoon.

Deputy Fleming noted that NAMA have said that it expects to make a surplus of €3bn over its lifetime on the heavily discounted loans it received from the Irish banks.

Deputy Fleming said, “A key question that NAMA will be asked is whether it could have made a greater return for the State by not selling so much of its loans before the upturn in the property market.

“A big question will also be the sale of its loans to the major vulture funds, such as Cerberus. Many of these vulture funds are not regulated in Ireland. Essentially homeowners and small to medium sized businesses have been put in a vulnerable position as a result of some of these early sales.

“I look forward to constructive engagement with the Chairman and the Chief Executive of NAMA at the PAC meeting later this month.”

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Committee Membership:

Bobby Aylward        Fianna Fáil
Peter Burke        Fine Gael
Shane Cassells        Fianna Fáil
Catherine Connolly    Independent
David Cullinane        Sinn Féin
Alan Farrell        Fine Gael
Séan Fleming        Fianna Fáil
Alan Kelly        Labour
Marc MacSharry        Fianna Fáil
Josepha Madigan    Fine Gael
Mary Lou McDonald    Sinn Féin
Noel Rock        Fine Gael
Catherine Murphy    Social Democrats-Green Party Group