Oireachtas Banking Inquiry to begin Nexus Phase on Wednesday when it meets with NAMA

21/04/2015

The Oireachtas Banking Inquiry will begin the Nexus Phase of its hearings on Wednesday, 22nd April when it meets with Brendan McDonagh, Chief Executive of NAMA and Frank Daly, Chairman of NAMA.

The Nexus Phase, when the Committee will engage with institutions and individuals who had roles relating to the crisis, will focus on three broad elements — Banking Systems & Practices; Regulatory and Supervisory Systems & Practices; and Crisis management systems and policy responses — and how these three elements interacted with each other.

Chairman Ciaran Lynch TD said: “The Committee will start the Nexus Phase of hearings on Wednesday when we will meet with Brendan McDonagh, Chief Executive of NAMA and Frank Daly, Chairman of NAMA.

Among the issues the Committee will address with NAMA Chief Executive Brendan McDonagh are: the acquisition process of eligible assets from participating institutions; the quality of documentation and underlying collateral of acquired loans; the governance models in place in respect of loan/asset acquisition and management; the asset valuation methodologies utilised by participating institutions prior to acquisition as compared to that used by NAMA; and the extent of commercial due diligence conducted by borrowers.

NAMA Chairman Frank Daly will deal with a number of issues which are of interest to the Committee: NAMA’s understanding of the commercial real estate development model that existed in Ireland prior to the banking crisis; NAMA’s duty to obtain the best financial return for the State; NAMA’s contribution to a sustainable level of activity in the Irish property market; NAMA’s contribution to the social and economic development of the State; and the establishment of performance metrics by the Board of NAMA

Nexus Phase hearings will run from on Wednesday, 22nd April until the middle of September with a total of 64 public hearings planned. It is envisaged that at least 60 witnesses will be called to the public hearings.

Deputy Lynch said: “This phase of our hearings includes a move by the Committee to compelling witnesses and statements and the use of evidence. Under the witness management protocol, there will be a structured witness engagement with a seven week lead-in between the notification and the public hearing. The protocol includes timescales, evidence books and technical briefings.”

The meeting with Brendan McDonagh and Frank Daly will start in Committee Room 1, Leinster House at 9.30am.

Further information on the Oireachtas Banking Inquiry can be accessed on this website.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

All media enquiries in relation to the Oireachtas Banking Inquiry should be addressed to:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

All general enquiries should be directed to the Committee Secretariat.

e. contactbankinquiry@oireachtas.ie
t. +353 1 618 3651

Committee Membership

Deputies

Ciarán Lynch (Chairman)
Pearse Doherty
Joe Higgins
Michael McGrath
Eoghan Murphy
Kieran O’Donnell
John Paul Phelan

Senators

Sean D Barrett
Michael D’Arcy
Marc MacSharry
Susan O’Keeffe