19 Dec 2013, 15:15
The Chief Executive of National Asset Management Agency Brendan McDonagh and its Chairman Frank Daly, along with the Secretary General from the Department of Finance John Moran will appear before the Public Accounts Committee tomorrow, Friday, 20th December 2013 to discuss recent revelations about NAMA.
Chairman of the Committee John McGuinness said: “Tomorrow’s meeting will afford NAMA with an opportunity to respond to recent revelations concerning the agency. It is hugely important that NAMA clears up the matters that have emerged in recent days. There are questions that need to be answered over the allegations that have arisen and which need to be addressed as soon as possible.
NAMA functions as a bad bank, acquiring property development loans from Irish banks in return for government guaranteed bonds. It has acquired loans of €72.3 billion from participating financial institutions, essentially making it the largest property company in the world. Given its importance to the financial and economic management of this State, it is vital NAMA is subject to public accountability and that the issues now before it are dealt with efficiently and effectively. At our meeting tomorrow, the Committee will also be looking for assurances that the NAMA business model is working and we will also want to establish how the property portfolio is being managed.”
This meeting will start in Committee Room 1 at 11am, Friday 20th December 2013.
Committee proceedings can be followed live here.
Media enquiries to:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
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Committee of Public Accounts Membership
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Áine Collins
Gerald Nash,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Sean Fleming,
Eoghan Murphy,
Derek Nolan,
Shane Ross