8 Mar 2012, 16:49
The Oireachtas Joint Committee on the Implementation of the Good Friday Agreement today heard Frank Daly, Chairman of National Asset Management Agency (NAMA), affirm a commitment to avoid firesales of Northern Ireland assets.
Approximately five per cent of the Agency’s portfolio comprises Northern Ireland loans, which are worth about €3.5 billion. Mr Daly outlined to the Committee NAMA’s positive working relationship with political and business leaders in Northern Ireland. He explained that NAMA, informed by a high-level Northern Ireland Advisory Committee within the agency, takes a long term view of recovering the values of assets there.
Committee Chair Joanna Tuffy TD says: “Committee Members acknowledge the complex and difficult work the Agency faces and were left in no doubt about its overriding commitment to recovering the asset values for the Irish taxpayer over time.
“We welcome Mr Daly’s clear commitment that NAMA will not accept ‘low ball figures’ or resort to firesales of its portfolio anywhere on the island of Ireland.
“Mr Daly was pressed on the potential role of NAMA in easing the waiting lists for social housing in Northern Ireland. The Committee is encouraged that the Agency is working through the issues with officials and politicians on the ground in Northern Ireland.
“Committee Members expressed concern around the perception that developers are continuing to live lavish lifestyles. Mr Daly assured the Committee that a majority of debtors were cooperating fully with the Agency. In Northern Ireland, Mr Daly explained that there was a relatively low number of 15 enforcement cases in progress against debtors at present.
“The Committee heard Mr Daly pledge NAMA’s commitment to maintaining and creating employment. We take on board Mr Daly’s view that NAMA, contrary to some media reports, in fact played a crucial role in negotiations to secure 230 jobs for Dublin last month.
“Concerns around the potential impact of NAMA on the Northern Ireland economy are widely shared across the political spectrum in Northern Ireland and the Committee welcomes Mr Daly’s willingness to keep us updated on developments.”
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Ends
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Members of the Committee:
Deputies Seán Conlan, Seán Crowe, Clare Daly, Regina Doherty, Alan Farrell, Frank Feighan, Martin Ferris, Luke ‘Ming’ Flanagan, Dominic Hannigan, Michael P. Kitt, Joe McHugh, Aodhán Ó Ríordáin, Joe O’Reilly, Brendan Smith and Joanna Tuffy.
Senators Jim D’Arcy, Maurice Cummins, Martin McAleese, Mary Moran, Mary White.
Chair: Joanna Tuffy, TD Vice-Chair: Joe O'Reilly, TD