30 MFómh 2015, 12:50
Officials from Nama will address the Public Accounts Committee tomorrow, as part of the Committee’s examination of the agency’s 2014 Annual Report & Financial Statements and March 2015 Quarterly Report & Accounts.
30th September 2015
It is likely that the continuing controversy surrounding the €1.6 billion sale of Nama’s Northern Ireland loan book, known as Project Eagle, will again be discussed at the meeting.
Chairman of the Committee, John Mc Guinness TD, says: “Since our meeting of 9th July where we examined the Project Eagle sale, a number of issues have come into the public domain which raise further concerns about this sale. I retain a concern given the withdrawal of one of the bidders and the fact that another bidder was not prepared to pay the reserve price, that this sale was not competitive and should have been withdrawn.”
“We now need to examine more closely the Project Eagle portfolio given the evidence by Deputy Mick Wallace that developers have agreed to settle with CERBERUS by paying 50% of the unpaid balance, which, if true, would see CERBERUS making significant profits on the portfolio.”
“A number of other sales, including Project Arrow and the evidence to the Banking Inquiry by Johnny Rohan, who was highly critical of decisions made by NAMA in forcing the liquidation of Treasury Holdings, will also feature tomorrow as the Committee tries to assess whether NAMA is delivering value for money.”
The Committee will meet at 10am in Committee Room 3 tomorrow, Thursday 1st October 2015.
The principal witnesses are:
NAMA:
•Mr.Brendan McDonagh – Chief Executive
•Mr.Frank Daly – Chairman
•Mr.Donal Rooney – Chief Financial Officer
•Mr.Michael Moriarty – Head of Asset Recovery
•Ms.Aideen O’Reilly – Head of Legal
Department of Finance:
•Mr Declan Reid – Specialist in Shareholding Management Unit
Public proceedings can be followed live here.
From 10am – 12pm, the meeting will be broadcast live on Oireachtas TV on Sky Channel 574; UPC Channel 207 and eVision Channel 504.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
ENDS
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Committee Membership
Chairman: John McGuinness (Fianna Fáil)
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
Gabrielle McFadden, Fine Gael
Derek Nolan, Labour Party
Patrick O’Donovan, Fine Gael
John Perry, Fine Gael
Shane Ross, Independent