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Committee of Public Accounts to examine NAMA’s 2020 Financial Statements and C&AG’s third Special Report on NAMA

29 Sep 2021, 16:35

The Committee of Public Accounts (PAC) will meet tomorrow, Thursday, 30 September, with representatives of the National Asset Management Agency (NAMA).

The meeting at 9.30am will be broadcast from Committee Room 3 of Leinster House and will examine:

·       Financial Statements 2020 - NAMA

·       C&AG Special Report 111 - Progress on achievement of objectives as at end 2018

The Committee will hear from the Comptroller and Auditor General, Seamus McCarthy, followed by representatives of NAMA led by Aidan Williams, Chairman, and Brendan McDonagh, Chief Executive Officer.   

Committee Cathaoirleach Deputy Brian Stanley said: “NAMA was established in 2009 in response to the 2008 banking crisis to acquire property-related loans from the commercial banks, to hold and manage the loans and related collateral, mainly property, and to dispose of all these assets in a manner that protected the State’s interests.

“The NAMA Act requires the Comptroller and Auditor General every three years to assess the progress NAMA has made towards achieving its overall objectives, especially the best achievable financial return for the State. This is the third progress report and considers NAMA’s progress in relation to achievement of its key objectives and targets up to the end of 2018.

“The Committee is particularly interested in examining the secondary objectives which NAMA has set itself, which include social housing provision, commercial residential development, and the Poolbeg West strategic development zone in Dublin.

“The Committee will also examine NAMA’s 2020 Financial Statements which saw the agency make a profit of €192 million and return €2 billion to the Exchequer. Members look forward to discussing the financial performance of NAMA, the C&AG’s report and related matters with Mr Williams, Mr McDonagh and their colleagues.”

The meeting in Committee Room 3 can be viewed live on Oireachtas.ie.

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

Media enquiries

Robert Kennedy-Cochrane
Houses of the Oireachtas
Communications Unit
Leinster House
Dublin 2

+353 (0)1 618 4149
+353 (0) 85 8707436

robert.kennedy-cochrane@oireachtas.ie
pressoffice@oireachtas.ie
Twitter: @OireachtasNews

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