NAMA is not a developer and has no ambitions in that regard. However, in its capacity as a secured lender, it facilitates development through funding of viable commercial and residential projects under the control of its debtors and receivers. With emerging shortages in the Dublin residential and office sectors, it is reasonable that NAMA should seek to contribute, in so far as this is consistent with achieving the best financial return, to meeting those emerging shortages. That position has been endorsed by the Minister for Finance in his recent Section 227 review.
I am pleased to report that we generated a profit of €1.5 billion in the 2016 financial year. Taking into account the profit of €1.8 billion reported for the 2015 financial year brings to €3.3 billion the cumulative profit reported since we last appeared before this Committee in late 2015. This strong performance reflects the impact of market recovery but also the detailed, professional asset management and corporate finance work that had been put in place by NAMA in earlier years towards enhancing asset values through focused planning work, remediation and capital expenditure.
4 | P a g e One of the constraints operating at the moment is the fear on the part of many prospective purchasers that prices may have further to fall. We were asked by the Minister for Finance to suggest initiatives which could address this issue and we are currently in discussion with a number of Government Departments about the workings and potential impact of a residential mortgage proposal which we are developing with the banks. We are also working on another initiative to facilitate the sale of commercial property through the provision of stapled debt financing.
In other cases, our role is less active. For instance, in the case of a development at 8 Hanover Quay, our involvement is by means of a share in a fund (in this case, an ICAV - Irish Collective Asset Management Vehicle) along with two joint venture partners. We have also provided construction funding for the project on arm’s length commercial terms. The ICAV’s function is to secure planning permission, procure a tenant, develop the site and dispose of the property when completed. A tenant – Airbnb – has already been secured and the sale of the building is close to being agreed. Construction began earlier this year and is expected to complete during the first quarter of 2016.
As CEO of NAMA, I doubt if this Committee would have been too impressed if I had appeared before you in those earlier years and told you that we were funding loss- making residential development at a time when prices were still falling and when there were few sales taking place in the market. You would, quite rightly, have drawn my attention to NAMA’s statutory obligation to act in a commercially sensible manner.
accounts. None is required to produce an Annual Statement of objectives, activities and resources as we are required to do, under Section 53 of the Act, three months before each financial year. We have been in operation for less than three years and have already been subject to two detailed special reports from the C&AG. In 2012 to date, NAMA has been the subject of over 300 Parliamentary Questions submitted to the Minister for Finance. The Chairman and I appear before this Committee and the Public Accounts Committee whenever asked to do so. Today is our third appearance this year.
there has been a move towards individual lending (Rai and Sjostrom, 2010), sequential lending continues to be widely used. In India, the Self Help Group (SHG) Linkage Program, with 54 million clients in 2008-09 (Srinivasan, 2009), provides loans in sequence (Aniket, 2006, 2009). Further, BRAC offers canonical Grameen I schemes in a number of African countries such as Liberia, Sierra Leone, Tanzania and Uganda (based on discussions with BRAC International officials, and field visits, in particular to BRAC Uganda). Even some European micro-finance programs follow sequential lending practices (see, Molnar, 2010, and Castri, 2010). It is therefore of interest to examine the reasons as to why it had been so widely used in the recent past, and still continues to be used in many cases. 2 Further, this allows us to develop a framework where one can endogenously solve for whether the MFIs are going to opt for group, or individual lending, in the process throwing some light on the recent move towards individual lending.
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To the question that notices regarding which of the committees meetings are not sent in time as per the provisions, it is found that the performance of House Allotment Committee and Canteen Committee is comparatively poorest as 33.33% Workers’ Representatives (in each case) opined like that. The performance of Joint Bi-partite Forum and Works Committee was found good on this count too as none spoke against these. To the question that whether or not the agenda of the meetings is circulated in time, it came out that except Joint Bipartite Forum and Safety Committee (0 percent in both the cases) the performance of almost all the committees was considered poor by approximately 30% of the respondents.
Monitoring of Internal Control: the Board has an Internal Audit function whose annual audit programme is approved by the Audit and Risk Management Committee of the statutory Board and one of whose functions is to review all aspects of internal financial controls. The Audit and Risk Management Committee reviews the work and recommendations of the Internal Audit function and monitors the action taken by management to resolve any issues that have been identified. The former Committee adopted a Charter for the Internal Audit function of the Board early in 2011. The Charter sets out the roles and responsibilities of the Internal Audit function, including the planning, reporting and accountability elements of its operation. The Committee also reviews all significant reports received by the Board from the external auditors, including management’s responses to these and makes recommendations on the issues raised. Correspondence with the Comptroller and Auditor General, including the audit Management Letter, and any issues raised, are brought to the attention of the Audit and Risk Management Committee and the statutory Board, which ensures that issues raised are acted upon. The Audit and Risk Management Committee is
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Applicants should be able to show “in-depth knowledge and experience of issues and services relating to mental health matters as well as disability issues”. They should also have senior-level experience in either finance and audits or risk management. Experience in the areas of public policy and strategy development, as well as previous Board experience are desirable.
The Seanad will meet every day this week. The Social Welfare Bill and Pensions (No.2) 2014 will reach its Report and Final Stages by Wednesday. The Water Services Bill 2014 will be on the agenda for Wednesday, Thursday and Friday. Regarding Committee Meetings this week, the Joint Committee of Inquiry into the Banking Crisis will have private and public meetings throughout the week; on Tuesday afternoon, and Wednesday and Thursday mornings.
Chairman, I also congratulate you on your appointment and I thank the Committee for the invitation here today. I fully endorse the CEO’s concluding comments in relation to the anger felt by the NAMA Board and staff arising from the activities of an ex-employee of the Agency, Mr. Enda Farrell. I am conscious that, as a result of ongoing investigations, I am restricted in how I can discuss these matters but I do wish to try to be helpful to the Committee in relation to this issue and I’d like to make the following remarks.
It is therefore encouraging that the Tianjin meeting saw unexpectedly good progress on the subject of climate change finance, one of the two key areas of the negotiations along with mitigation, where little headway was made. The discussions in the Ad-Hoc Working Group on Long-Term Cooperative Action (AWG-LCA) drafting group on finance, technology and capacity building were generally constructive, following a number of submissions by Parties − in particular by Belgium on behalf of the EU, and by the Philippines on behalf of the G77 and China. The difference in progress in the two key areas led some Parties to issue a warning on the final day of Tianjin that a deal on finance in Cancún would only be possible if a deal was also reached on mitigation.
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1929, it was felt that sufficient experience of the workings of the 1926 Act justified the convening of a joint committee with a view to amending the law. The committee, chaired by Fianna Fáil’s PJ Ruttledge, took submissions from representatives of the Gardaí, the Revenue Commissioners, the various churches, savings committees, and the betting industry. There was unanimity that the Act had given rise to socially objectionable practices but there was also a general consensus that legal betting offices were more desirable than street bookmaking and reversion to the law pre-1926 was not considered by the committee. After two weeks of evidence, the committee made a series of recommendations. Betting among young people was to be curbed through the introduction of a minimum age of eighteen for those entering legal transactions. The diminution of loitering would be achieved by prohibiting the payment of winnings immediately after races and by banning the very act of congregating around betting offices. The introduction of a minimum stake of one shilling and
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ACC: Accreditation Committee of Cambodia; AEC: ASEAN Economic Community; AJCCD: ASEAN Joint Coordinating Committee Dentistry; AJCCM: ASEAN Joint Coordinating Committee Medicine; AJCCN: ASEAN Joint Coordinating Committee Nursing; ASEAN: Association of South East Asian Nations; CCN: Cambodian Council of Nurses; CMC: Cambodian Midwives Council; CPD: Continuous Professional Development; DCC: Dental Council of Cambodia; GIZ: Deutsche Gesellschaft für Internationale Zusammenarbeit; HCP: Health Coverage Plan; JICA: Japan International Cooperation Agency; KOICA: Korea International Cooperation Agency; MCC: Medical Council of Cambodia; MoEYS: Ministry of Education, Youth and Sports; MoH: Ministry of Health; MRA: Mutual Recognition Arrangements; PCC: Pharmacy Council of Cambodia; UHC: Universal Health Coverage; UHS: University of Health Sciences; WHO: World Health Organization
Mrs Nicole Lappin graduated from Queen’s University Belfast with a law degree, and subsequently qualified as a barrister. She went on to be an inaugural member of Northern Ireland’s Education Authority, gained over a decade of experience as a school governor as well as extensive experience in the areas of corporate governance, strategic planning, financial management and corporate finance, and improving business performance.
The Standards Commission has sought a comprehensive Act consolidating the Ethics Acts and all other legislation providing for disclosure of interests and related provisions for public officials. In its response to the Final Report of the Mahon Tribunal in July 2012, the Government decided, inter alia, to take the opportunity to undertake a full review of the existing ethics legislation in order to develop a single, comprehensive legislative framework. In June 2015, a draft General Scheme of a Public Sector Standards Bill was published by the Minister for Public Expenditure and Reform, along with supporting documentation. The draft General Scheme was forwarded to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform for pre-legislative scrutiny. The draft Scheme was also put out for public consultation. The Commission provided its observations on the draft Scheme to the Minister and to the Committee. Members of the Commission and of its staff appeared before the Committee on 11 November 2015.
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Importantly, the longer-term challenge of ageing has been put into sharper focus. The balance between adequacy and sustainability - the object of a decade of pension reforms - is under further pressure from the financial and economic crisis. Increased employment rates for older workers and women must now be defended against rising unemployment. Recovery packages have secured the ground for economic growth, but they have also reduced the hard-won public finance improvements intended to provide room for extra expenditure to address ageing. This lost ground will have to be regained.