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Updated at 5.14pm
NAMA SHOULD OVERSEE a scheme that spares people the suffering a Tipperary family went through when a member committed suicide after his dealings with the bad bank, one senior Fianna Fáil TD has said.
Public Accounts Committee chairman John McGuinness made the statement at the end of a meeting with Nama officials a day after meeting the dead borrower’s relatives in a private session.
“Everyone has to move on and that is a fact, everyone has to move on – court is not an option for some people, it just isn’t,” he said.
It saddens me to be part of a parliament that created legislation that would bring about the type of grief that I heard explained to me yesterday. I just wonder how, as parliamentarians and legislators, we can correct that.”
Earlier Nama chief executive Brendan McDonagh defended the bad bank against claims it has been too soft on some speculators – while bullying others with a heavy-handed approach.
It comes only days after it was first accused of “relentlessly pursuing” the Co Tipperary widow despite her husband’s suicide.
‘Tough and fair’
McDonagh, who hadn’t responded to the allegations until today, told the committee he believed in being “tough and fair” – but not heavy-handed with debtors.
We have had to defend ourselves against the view that perhaps we have been too soft on debtors by allowing them to retain part of their income for massive cash flows or salaries,” he said.
“More recently there seems to be the suggestion that we have been too demanding on some debtors. We disagree with both of these assertions.”
McDonagh said Nama was required under its charter to chase debtors and get money back for its taxpayer backers – regardless of the size of the debt or whether property speculators cooperated with the agency.
About 70% of debtors by value were working with Nama, which was also involved in “about 120″ court cases, the committee was told.
Only one in ten for mediation
Under questioning from Sinn Féin TD Mary Lou McDonald, McDonagh revealed only 10% of cases went to mediation – despite that being the preferred option for both the courts and Nama.
“Two sides have to want to engage in mediation … where it has been proposed we have never refused to go into mediation,” he said.
McDonagh said that litigation was “unfortunately … sometimes the only option” when debtors refused to accept liability, or tried to offload or transfer assets to family members.
I would contend that Nama has been far more patient in its dealings with debtors than many corresponding private sector commercial banks or private equity entities would be in similar circumstances,” he said.
In an apparent reference to the most recent criticism, he added that Nama couldn’t comment on individual cases “no matter how much the current (media) coverage may fail to indicate the true position”.
State refunded 55% on its debts
Yesterday Nama announced it had now repaid 55% of its taxpayer-funded debt – some €16.6 billion so far – since being set up 5 years ago.
It has generated a total €23.2 billion in cash, although McDonagh previously told the Finance Committee over 93% of its assets had been sold to offshore buyers.
Nama also named Singapore developer Oxley Holdings as the preferred bidder for its North Wall Quay site next to where the proposed new headquarters for the Central Bank will sit.
Construction on another 60,000 sqm of office space and 200 apartments in the northern docklands site was not expected to start until at least late next year.
Nama recently unveiled its plans for a €450 million revamp of another 2 sites in Dublin’s southern docklands, which it will build on as part of a consortium of developers, and a €150 million project at Boland’s Mill.
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makes a mockery of our whole system when you have Michael Lowery cosily perched up behind the PAC in session with Nama…joke!
I look forward to the day the Golden Circle end up in Jail !
keep looking forward Dermot..this is Ireland!!
it will come Nigel – it will come, I promise you that !
Will never happen Dermot. We all know the reasons why too.
Change is always inevitable when 100,00 irish people take to the street Yogi – I have to have hope or this is just a criminal island and if it is then I am not paying another penny to it .
Why should I pay to impoverish myself with accusations of a Government Minister having an Ansbacher account and the whole thing being hidden in P.A.C. ……
@Dermot
And what laws did the people who constitute the “Golden Circle” (if there even is such a thing) break?
Fraudulent accounting and bankrupting a nation?
Educate yourselves and listen in to the banking enquiry until the end. Then take aim. Unfortunately politics has seriously muddied the waters and confused people as to where the blame lies. “Department of finance employees went home to find out what was in the budget” “public spending should have been substantially cut in 2005″. It was worth it so far to see Pearse Doherty and Joe Higgins’ jaws alone.
I agree,listen and learn,some good probing questions and responses from the banking enquiry yesterday,pertinent to the McGuinness comment.
“It saddens me to be part of a parliament that created legislation that would bring about the type of grief that I heard explained to me yesterday.I just wonder how,as parliamentarians and legislators,we can correct that”
So what do you propose this correction/solution might be,so that this might not happen again?
People understand now we have been manoeuvred into this cul de sac due to the failure of the private banking system and it’s excesses to deliver unrealistic projected profits, and now appointed people like you are dealing with the fall out.
What options do we have, what changes are to be made,is there an alternative?
There is a “proven” alternative banking model to be examined that would work in the people’s interest.
..And a further joke is that a supposed ‘bad’ bank is allowed to become a Developer.. of the ‘people’s’ land, in conjunction with private enterprise. Does this not circumvent the whole ideology of NAMA’s raison d’être??
Surely this is exactly what NAMA was created to do? “Repair” the high street banks balance sheets (I.e. Hide the debt) then sell the assets when a decent price could be had to repay the cost? Some speculative fcuknuts have definitely “got away with it” but if the ultimate aim is achieved then like it or not, it worked.
Public accounts committee, a bunch oh grossly overpaid civil servants giving out to grossly overpaid civil servants about their salaries and bonuses. John McGuinnes is an expert on spending tax payers money as well, you couldn’t make all this up
you mightn’t be able to make it up but you can break it down !
Is it true that they spent 80,000 euros on tables and chairs in the fitting out , for this Bank Enquiry.
some lad has to get a “twist” sure ….. and they wonder why there is talk of revolution ….
The citizens didn’t set up Nama nor did the citizens mismanage bank regulation nor did they organise Benchmarking or set up the HSE but the citizens know who did and they should never forget.
Never again should a politician of any hue ever feel comfortable in Govt nor should we believe the lie that ‘stability’ in Govt is good for the country, its good for the politicians and their cronies but it’s just disastrous for the majority of citizens.
People make their own choices
People are guided in their choices by economic Data and projections – quite often supplied by politicians ….
I will add they are also taxed by these politicians to make sure the likes of Nama should never occur …I feel embezzled !
It’s all rigged!
On The 10th Of December Ireland Will Rise by Maxi…: http://youtu.be/MW2vZodE9cE changing coming soon I think…
Mary Lou-boutin looking as irate as ever
NAMA are about the only ones making money for the taxpayer. They seem to be on target to make a return in line wit that they forecasted. They should be chasing everyone regardless if it’s a farmer, property developer or business who owe money. It’s a toxic bank for a reason!
go listen to the Anglo tapes and educate yourself a little Paul …..
Why
There are no Unions that represent workers and no parliament that represent its people.
did the guy borrow against his farm to build a shopping centre?
have your say