'Nothing illegal, nothing improper, no irregularities': Noonan defends Nama over Project Eagle
There are growing calls for a public inquiry in the controversial 2014 sale, to US investment company Cerberus Capital Management.
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There are growing calls for a public inquiry in the controversial 2014 sale, to US investment company Cerberus Capital Management.
The news emerged as Nama’s chief executive appeared before the Public Account’s Committee
The Authority said it would contribute some of the costs.
Brendan McDonagh spent four hours at government buildings on the night of 29 September 2008.
“I find it totally inappropriate.”
But the bad bank’s boss came out swinging against claims it was being a bully.
The state’s bad bank has revealed a list of its wage categories for 134 developers.
The state’s bad bank generated €4.5 billion last year.
NAMA says that the lending “seems to have been carried out in haste” with poor security and documentation.
Under the 80:20 deferred payment initiative, buyers pay 80 per cent of the value up front with a valuation then carried out after five years.
NAMA’s bosses told an Oireachtas committee this morning that although they have not been presented with the specific allegations, they are “satisfied that they are unfounded”.
CEO Brendan McDonagh told the Oireachtas public accounts committee that taking on loans from IBRC represents “a major challenge for NAMA”.
Investors say the decision reflects continued confidence in Ireland as a business-friendly environment
The agency’s end-of-year report paints a positive picture after repaying €4.75 billion in debts last year.
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Chairman of the agency Frank Daly said the former employee removed data from NAMA including loans acquired by the agency.
The profit comes after the agency took a €1.27 billion hit to cover bad loans.
The agency is setting up three new divisions as part of a reorganisation partly recommended by the former CEO of HSBC last year.
Two of the ‘major’ developers who owe millions to the bad bank are being paid €200k salaries – and all can be paid commission.
The State’s ‘bad bank’ says it wants to get its hands on the pension pots of indebted developers – some of them worth millions.
The agency will legally pursue borrowers who attempt to place assets beyond Nama’s reach, said CEO Brendan McDonagh.
Frank Daly tells an Oireachtas committee that hiring a developer on a big salary is often cheaper than appointing a receiver.
The bad bank’s annual report gives some insight into how the country’s indebted developers are performing.
While some staff at the National Treasury Management Agency received bonuses, three major CEOs declined theirs.
But insists its business plan is on track.