Blog, Fine Gael

Eoghan during the PAC meeting, 26th October.

NAMA – Public Accounts Committee, Wednesday 26th October 2011.

Posted November 18th, 2011

On Wednesday 26th October, the Chairman and the CEO of NAMA came before the Public Accounts Committee.  A link to the full transcripts is included at the bottom of this post but some the issues I addressed can be found through the following links:

Extract 1

Extract 2

Extract 3 

The topics discussed included:

  • The recent Geoghegan Review and implications for NAMA, its operations and the membership of the board.
  • Conflicting reports that have emerged regarding NAMA’s intention to pursue €74 billion of debt or merely the €31.billion the Agency paid for it.
  • Plans for debt reduction targets over NAMA’s lifetime.
  • Offloading of overseas asset.
  • Lloyds Bank and RBS’ activities in the market.
  • Transparency issues.
  • The Google Building.
  • Consultancy fees and new tendering process.
  • Auctioning of art collections, the tendering process and outside advice.
  • Risk management.
  • Upward only rent reviews – the proposed legislation and its effect on NAMA’s property portfolio.
  • Proposed new bankruptcy legislation – reducing the term to 5 years and the possible effect on debtors’ cooperation with NAMA as a result.

The full transcript of the Public Accounts Committee meeting of Thursday 3rd November can be found here.

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