23 DFómh 2012, 17:14
Frank Daly, Chairman, and Brendan McDonagh, Chief Executive Officer, National Asset Management Agency (NAMA) will attend the meeting of the Committee on Finance, Public Expenditure and Reform tomorrow, Wednesday 24th October 2012.
Ciarán Lynch, TD, Chairman of the Committee on Finance, Public Expenditure and Reform, said: “This is the first opportunity for the Committee to meet with Mr Daly and Mr McDonagh since NAMA published its 2011 annual report and its audited accounts. Essentially, NAMA functions as a bad bank, acquiring property development loans from Irish banks in return for government guaranteed bonds with a view to restoring the banks’ balance sheets and thereby freeing up credit in the Irish economy.
Tomorrow we will have a chance to get an up to date overview of NAMA’s operations and the performance of the assets under its control, while the transparency and oversight of NAMA’s processes and procedures are also likely to feature. Given the huge volume of loans it has acquired, around €74 billion, we will also be interested in discussing the progress on recovering the long-term value of those assets and what social dividend programmes are being planned by NAMA.”
This meeting will start in Committee Room 4, Leinster House at 2pm on Wednesday 24th October.
Committee proceedings can be followed live at:
http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o
For further information please contact:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
Committee Membership
Deputies
Richard Boyd-Barret, People Before Profit
Michael Creed, Fine Gael
Jim Daly, Fine Gael
Pearse Doherty, Sinn Fein
Stephen Donnelly, Independent
Sean Fleming, Fianna Fáil
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Peter Mathews, Fine Gael
Mary Lou McDonald, Sinn Fein
Ciarán Lynch, Labour Party (Chairman)
Michael McGrath, Fianna Fáil
Michael McNamara, Labour Party
Dara Murphy, Fine Gael
Timmy Dooley, Fianna Fáil
Kieran O’Donnell, Fine Gael
Arthur Spring, Labour Party
Brian Stanley, Sinn Féin
Billy Timmins, Fine Gael
Liam Twomey, Fine Gael
Senators
Sean D Barrett
Thomas Byrne
Paul Coghlan
Michael D’Arcy
Aideen Hayden
Tom Sheahan