The National Asset Management Agency was criticised today for not passing on inaccurate information they got from the banks in 2009 concerning the value of the property loans.
The Chairman of NAMA, Frank Daly, defended the fact the agency did not give details of the information to the relevant authorities at the time, but said it would now co-operate fully with an investigation into the matter.
The heads of NAMA were in front of the Public Accounts Committee today to clarify the claim that the banks gave false information to the agency in 2009 about the value of their loans.
NAMA’s Chief Executive Brendan McDonagh said if the banks figures had been accepted by NAMA at the time, it would have cost the State €20bn in overpayments.
Members of the Public Accounts Committee today criticised NAMA for not informing the relevant authorities about the matter.
The Chairman of PAC, Bernard Allen, there should have been more proactivity by officials to pass on the information.
Fianna Fáil's Michael McGrath said there was now an onus on NAMA to give the full detail to the Financial Regulator.
But today, Frank Daly said the agency did not have a locus standi at the time to report the matter.
Mr McDonagh said that 20 out of the top 30 developers have transferred assets to family members. He said the details were contained in business plans they submitted to the agency.
Earlier, Fianna Fáil's Ned O'Keeffe described the salary of the NAMA Chief Executive as ‘absurd’, and urged Brendan McDonagh to take a voluntary pay cut.
Mr McDonagh is on a salary of €430,000, with a maximum bonus of 60% of that figure.
Frank Daly said Mr McDonagh's salary was set by the National Treasury Management Agency.
