25 Sep 2013, 15:51
The CEO of the National Asset Management Agency Brendan McDonagh will appear before the Committee on Public Accounts tomorrow, Thursday, 26 September.
25 September 2013
On the agenda is the Agency’s 2012 Annual Report, which was published in May and sets out NAMA’s progress on recouping the €32bn it spent on property loans for the Irish taxpayer by 2020.
Chairman of the Committee John McGuinness TD says that tomorrow’s meeting will provide a valuable opportunity for the Committee to assess how well the project is working.
“The major challenge for NAMA is to be able to generate enough income to recover the investment made by the State. In July 2013, Standard & Poor’s upgraded its outlook on NAMA from negative to positive, which reflects well on NAMA’s work to date. NAMA are currently on target to meet the target of repaying €7.5bn by the end of the year and Committee Members may wish to raise future targets with Mr McDonagh, in light of tentative signs that the property market in general is stabilising.
“Committee Members will be keen to raise the issue of NAMA’s relatively high turnover of staff and possible conflicts of interests that may arise as key staff depart. Concerns have been raised that individuals leaving NAMA to work with property investment funds could be using the inside knowledge they had gained for their benefit or that of their new employers.”
“Other issues that may be raised at the Committee meeting tomorrow include the liquidation of the IBRC and the effects of this on NAMA, the inclusion of the Agency under new Freedom of Information legislation and liaison with the IDA on the potential of commercial properties on its books for job creation, particularly in Dublin’s docklands.”
This meeting will take place in Committee Room 1 at 10am tomorrow, Thursday 26 September 2013.
Committee proceedings can be followed live here.
Media enquiries to:
Paul Hand
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 4484
M: 087 6949926
Committee Membership
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Áine Collins,
Gerald Nash,
Simon Harris,
Robert Dowds,
Mary Lou McDonald,
Sean Fleming,
Eoghan Murphy,
Derek Nolan,
Shane Ross.