12 Ean 2011, 18.03

PAC to also seek additional info on Salary levels of NAMA staff

The Chief Executive of NAMA, Brendan McDonagh needs to clarify the situation regarding the claim that Irish financial institutions provided deliberately false information to the agency about the value of their property loans.

Mr McDonagh along with NAMA Chairman, Frank Daly will appear at tomorrow’s PAC meeting in Committee Room 1 of Leinster House at 11:30 am.

At a meeting of the Committee last November Mr McDonagh agreed with the suggestion that banks had fed false and misleading information to the agency which could have led to a significant overpayment by the taxpayer to the bank. However, subsequently, in a letter to the Financial Regulator, Mr McDonagh indicated that there was no evidence that the banks had engaged in this fraudulent activity.

The meeting tomorrow will attempt to clarify this situation. Also at tomorrow’s meeting, the Committee will seek greater information concerning the salary levels of NAMA staff. Previous detail given to the Committee was not specific enough.

Committee Chairman, Bernard Allen TD said;
“The Committee is anxious to get a clear picture from Mr McDonagh regarding the insinuation that banks deliberately gave inaccurate information to NAMA about the state of their loan books. At our meeting in November he appeared to endorse this position. However, consequently the agency has suggested this was not in fact the case.

“We need to get the definitive answer regarding this matter one way or the other. If there is evidence of impropriety it will need to be pursued by the appropriate authorities, while should this not be the case, we will want to know why there seems to have been a change of position.

Also at tomorrow’s meeting, we hope to receive more detailed information concerning the salary levels of NAMA staff. We have sought more detail as the taxpayer has a right to know if it is getting value for money for the work being done on its behalf, and the previous figures received were not comprehensive enough.”

Daniel English
Oireachtas Communications Unit
01 618 4484
087 6949926

Committee Membership:
Bernard Allen TD, Fine Gael ,(Chairman)
Darragh O'Brien TD , Fianna Fáil, (Vice Chairman)
Michael D'Arcy TD, Fine Gael
Michael McGrath TD, Fianna Fáil
Sean Fleming TD , Fianna Fáil
Brendan Kenneally TD, Fianna Fáil
Niall Collins TD, Fianna Fáil
Olwyn Enright TD, Fine Gael
Pat Rabbitte TD, Labour Party
Jim O'Keeffe TD, Fine Gael
Róisín Shortall TD , Labour Party ,
Ned O'Keeffe TD, Fianna Fáil