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NAMA bosses due before Dail Committee

Wednesday, October 24 10:10:42

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 later today.

Ciaran 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."

"Today 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 E74 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."