17 Dec 2014, 17:49
The Public Accounts Committee (PAC) will tomorrow meet with senior management of the National Assets Management Agency (NAMA) to consider its 2013 Annual Report and Financial Statements.
17 December 2014
The following officials from NAMA will be appearing before the PAC:
- Brendan Mc Donagh – CEO
- Frank Daly – Chairman
- Donal Rooney – Chief Financial Officer
- Sean O Faolain – Head of Strategy & Communications
- Aideen O’Reilly – Head of Legal
- Mary Birmingham
Declan Reid of the Shareholding Management Unit at the Department of Finance will also be in attendance.
NAMA generated €4.5 billion in cash in 2013 and turned in a profit of €214 million. On the agenda for tomorrow’s meeting are bond redemptions, asset sales, key developments such as the Docklands, social housing, debtors and administrative costs.
Committee Chairman John McGuinness TD says: “A particular focus for the PAC will be on asset sales and valuations and Members will wish to explore why NAMA has increased its impairment provision in 2013 by €862 million to €4.1 billion in what is a rising property market. Recent media reports indicate that NAMA sold a site in 2013 at St John Rogerson’s Quay for €7.5 million, only for it to be sold on again for €17.5 million a year later. We will be pressing NAMA representatives on the chain of events that led to the taxpayer missing out on a potential windfall of €10 million. With timing of property sales so critical to the final price realised for the taxpayer, we will wish to engage on how NAMA decides on properties to be sold.”
“The Committee will examine the area of social housing with NAMA representatives, and what role they see the Agency playing in response to the housing shortage in many areas of the country. With 926 residential units delivered to the social housing sector since NAMA’s inception, Committee Members will be keen to explore what might be done to accelerate this rate of delivery.”
“The Committee will also discuss NAMA’s progress in paying off as much as half of its Senior Bonds by the end of 2014, a full two years ahead of schedule. We will wish to consider how much interest was paid in 2013 on these bonds and the extent of the savings made when bonds are redeemed. How the Agency is managing relationships with its debtors may also be explored.”
The meeting takes place tomorrow 18 December in Committee Room 1, LH 2000 at 10 am. Public proceedings can be viewed online here.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
Ends
For further information please contact:
Paul Hand,
Communications Unit,
Houses of the Oireachtas,
Leinster House,
Dublin 2
P: +3531 618 4484
M: +353 87 694 9926
paul.hand@oireachtas.ie
Committee Membership
Deputies:
Áine Collins, Fine Gael
Paul J. Connaughton, Fine Gael
Joe Costello, Labour Party
John Deasy, Fine Gael
Robert Dowds, Labour Party
Seán Fleming, Fianna Fáil
Mary Lou McDonald, Sinn Féin
John McGuinness, Fianna Fáil (Chairman)
Gabrielle McFadden, Fine Gael
Derek Nolan, Labour Party
Patrick O’Donovan, Fine Gael
John Perry, Fine Gael
Shane Ross, Independent