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NAMA HAS COME out strongly against a number of claims made against it saying misinformation has been released as part of an “organised campaign to discredit” the agency.
NAMA CEO Brendan McDonagh and chairman Frank Daly were both appearing before the Oireachtas Public Accounts Committee this morning following allegations of illegality at the state’s bad bank.
In a pointed defence to the claims, McDonagh said that NAMA has not itself been provided with the allegations and has only learned about them through the media.
Despite this, McDonagh said this morning that, from what the agency understands of the claims, they are “satisfied that they are unfounded”.
McDonagh address two specific allegations that have been aired by the media and in the Dáil during the week.
The first allegation was a claim by former NAMA employee Enda Farrell that he leaked a ‘full file’ of personal information on property developer Paddy McKillen to a third-party.
McDonagh said that, not only did this claim contradict previous sworn statements by Farrell, but that a review taken over the last 36 hours shows that there was no electronic communications between Farrell and the third-party.
Furthermore, McDonagh said that NAMA holds “very little” information on McKillen because they did not acquire his loads:
NAMA has never possessed this information in relation to Mr. McKillen because, as the Committee will be aware, the NAMA Board took a decision in July 2011 not to acquire Mr McKillen’s loans. Such information is usually provided as part of a debtor’s business plan submission and in this case, as we did not acquire the loans, no business plan was submitted.
NAMA’S Frank Daly says people are trying to discredit NAMA for their own ends. (Pic: Oireachtas/ Screengrab)
Valuations
The second allegation addressed during the committee session was that a claim that NAMA had deliberately manipulated the valuation of property which was collateral for its acquired loans.
“NAMA utterly refutes this allegation,” said McDonagh.
He outlined the property valuation process which he says first involves the relevant financial institution appointing an independent valuer. NAMA then appoint their own valuer which reviews the first valuation, in 88 per cent of cases the NAMA panel accepted the original valuation said McDonagh
In the 12 per cent of cases where there is a difference between the two valuations, a third valuer is appointed and their valuation is accepted.
NAMA’s chairman Frank Daly outlined what he felt was “an organised campaign to hinder effectiveness of NAMA and influence its decisions” but said that NAMA “would not be distracted” from its goals.
“We seem to to be one of the few people in Dublin who aren’t in possession of this allegations,” he added.
Daly said that the agency “does not believe everything our debtors tell us” and questioned the credence that the media and certain politicians have given to the allegations.
McDonagh echoed this claim that people are seeking to harm NAMA for their own ends:
Some will intend to discredit NAMA for their own purpose under theory that if enough mud is thrown some of it will stick. Unfortunately, in every walk of life there are bad eggs but in our case thankfully they have been very few.
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Other than beef producing, what do we do competently?
@Chutes: We have excellent engineering capabilities in this country. We need better ways of encouraging startups and support them. Enterprise Ireland and the likes are outdated and put people off using them.
@David Corrigan: Totally agree! I’m sure we’ll export the talent instead though as per the usual FFG playbook.
@David Corrigan: Shame there’s nothing to build.
May I ask why the comments on the article about refugees have been turned off?
@Paul Furey: No not hate, a concern by many that others are been preferentially treated over Irish people.
@Paul Furey: There was no hate in any comments on that report Paul. People were just discussing the report in a mannerly way.
@Dave Huston: Uhmmm, sure, let’s go with that! LOL!
@Dave Huston: Some people are preferentially treated over others, such is life.
@Clark Hetherington: Probably an indication to those posting ignorant comments that enough is enough, idk tho!
@thesaltyurchin: “the poor will always be with us”
Not only are we avoiding regulating these big tech companies, we allow them set up data centres that offer no tangible benefits to the state. We give them cheap electricity and tell the ordinary plebs to conserve their power.
@James Groden: hmm I wouldn’t always be first to defend our approach to big tech – but I’m not sure it’s quite as bad as you claim – the data centres aren’t just given free lower and offer Jo direct benefits for the country – these are the engines for our largest Foreign Direct Investments into Ireland – there are literally hundreds of thousands of jobs created in the past 20 by tech , not to mention the billions in tax take for Ireland from these digital services for Europe/Mid East /African markets / its grands ya want to rant away but a bit of perspective on the actual benefits please / in the 80s there was chronic unemployment and need to emigrate / if building data farms and attracting billions investments into Ireland is the solution they far far far outweigh the challenges
@James Groden: You wont find a ‘private-sector peg’ big enough to fill the endemic incompetence of successive Irish politicians.
Back door censorship
We have elevated the establishment of toothless, incompetent regulators to a high art in Ireland. GSOC, the DPC, An Bord Pleanala, The CPCC, the CRU, and so on and so on. If I were a cynic, I’d say that it’s almost as if the state is captive to so many powerful lobbying interests that it doesn’t want to intervene at all. Given how shamelessly the country has pimped itself out to big American tech companies in exchange for corporation tax and a few jobs here and there, could it be that these companies have set up their European headquarters in Ireland precisely because of how accessible our politicans are, and how weak our regulatory institutions seem to be?
@Eric: big tech are one some of the biggest amount of lobbying for all governments in a massive scale – probably even surpassing pharma in the states and mainland Europe – we are small beer by any measure in the lobbying stakes / even the most recent A.I. Inititatives are watered down at eu level by excessive amounts of lobbying
Oh no, Leo and his cronies are going to upset one of their two daddies. If I was a betting man I’d say they’ll upset birth daddy EU by doing absolutely nothing but uttering a few hollow words in this particular situation, leaving step daddy Tech pleased, but then they’ll appease EU daddy by promising them that they’ll take a load more migrants in to help further their plan to prop up the European economy and use their subservient media to crank up the finger point and accusations of racism at any natives that don’t just play along with it all.
All big companies, are untouchable in Ireland and only the small guys get screwed in all industries. Ask Joe and Mary citizen, they get screwed daily and no justice for them either!
Not aligned to any party but something has to change. That been said sf may bankrupt us given power and a lot of people are reluctant to give them a go given their origins. But we need to get elected officials that really care about the people. I’m only 30′s but I have never seen so much of a divide in this country criticise immigrants and your branded far right defend and ur total establishment. We go on about how divided the US is but we are well on our way to that. The vast majority of Irish people have no probelm helping genuine people in need of help. It’s the unknowns that is rightfully striking fear amongst people that combined with the fact we have our own citizens living homeless or in emergency accommodation. This boom of non Ukrainian refugees is due to UK not having it anymore so they come here. We need to start to find solutions soon otherwise the country will be so divided there may be no way back to been a united population never mind getting a full united Ireland.
We are trying not to rock the boat with the big tech companies that are here in Ireland providing jobs for the masses!
Which side are the ICCL on anyway? They appear to support the agenda of foreign governments, who covet our success with FDI, rather than our own. Then some scaremongering about chatbots taking over the world. Eimear! Are you ChatGPT?
@chutes: My father is dead, so no can’t say I have. Anything else?
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