Fianna Fáil member of the Public Accounts Committee Deputy Seán Fleming has said: “The special report published today by the Comptroller and Auditor General on the National Asset Management Agency may highlight a number of issues but its content leaves a lot to be desired. Overall this report is a white-wash.
“The Comptroller and Auditor General normally issues excellent reports but this is clearly not one of them. There are a number of key omissions in the C&AG’s report which should not have happened.
“This special report does highlight some key issues including that “NAMA is managing its debt in the context of a business environment that militates against full realisation of its initial investment.”
“The C&AG report also says that NAMA made ‘no provision for the property and administrative costs associated with managing the [rental] properties’. This led to less rent being collected that had been expected. The report concludes that NAMA should have more control over the rental income of some of the property owners in NAMA.
“There are major gaps in the report. Loans with a face value of €74 billion were taken over by the Agency for €32 billion. The €42 billion loss to the Irish taxpayer has not just been ignored by NAMA but also by the Comptroller and Auditor General in today’s report.
“The C&AG should have produced a complete report taking account of the total book value of the loans. Failure to do so has undermined the value of this report to the taxpayer. The C&AG should have shown what exactly has been happening with the original €74 billion.
“Today’s report completely fails to provide any proper analysis of the interest charged and interest received from debtors. This is case for both the €74 billion face value of the loans and the €32 billion that was paid for them by NAMA. There are pages in the report dealing with the rental income in respect of these same properties. This contrasts with the lack of transparency in dealing with interest on these loans both by NAMA and the Comptroller and Auditor General.”