Robert Troy
Longford-Westmeath · Fianna Fáil · Ireland
“Only last weekend, I had the honour of representing the Taoiseach at the commemoration of those who had lost their lives at the Battle of the Somme. The presence of the deputy First Minister of Northern Ireland was a very positive development. I understand that it was the first time she was present in Dublin for that commemoration.”
“People deserve to know and understand not just the aspiration but the implication for their livelihoods, public services and future. Transparency is something I have tried to foster during my term as Minister of State in the Department of Finance. People expect it and are savvy enough to find it themselves.”
“I welcome the opportunity to contribute on this debate on the financial implications of Irish unity. It is fair to say that it is an important discussion and one that deserves to be approached with seriousness, honesty and respect.”
“If we are serious about unity - I believe we all are - we must be equally serious about preparation. That includes asking the difficult but necessary questions, including about the role of the UK in supporting any transition, whether financial contributions over a defined period would form part of any agreement and how the EU could be inv…”
“While many will view these as barriers so as to delay and misinform, we need to realise that our island has overcome its fair share of barriers in the past and we have the capacity to overcome any barriers in the future. What we should be looking at are the opportunities that a united Ireland presents.”
“It can be secured through reassurance, actions and compromise. Deputy Lahart indicated some of the compromises that may need to be considered. From a financial perspective, we need to look for clarity. Some fundamental questions need to be addressed. What would happen to public services? How would taxation be structured?”
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“It is right and proper that the Government keeps a watchful eye over what is happening on the international market in terms of the cost of fuel and responds accordingly. People on the Opposition benches tried to build up fear by leaning into people's anxiety in relation to the excise reductions ending at the end of July. Deputy Nash mentioned how I have been in this House many times taking similar debates. During every debate, we reassure people that the supports will be monitored, evaluated and, if needed, extended, and that is just what is going to happen. We are acutely aware of the issues facing people. We also have to remember that the price of a barrel of oil is $73 today and when the supports were introduced it was $120, so it would be wrong if we did not keep this situation monitored.”
“If we demonise people like that, who are creating opportunities and employment and paying corporation tax, which enables us to make decisions in relation to investing in services and social welfare, I really do wonder sometimes. We should be celebrating the success of people like that rather than demonising them on the floor of the Dáil. Given all that is happening in the Middle East, the Government is continuing to monitor the situation and continues to provide the necessary supports to alleviate the pressure. In recent days, we witnessed more evidence of that when the Government extended the supports to ensure that the actions are there to help households and businesses with the cost of energy and fuel. Despite what people in the Opposition try to portray, this was always going to be the case.”
“To be fair to Deputy Boyd Barrett, he acknowledged it and the impact that it is having on the cost of living, not just in Ireland but right throughout the globe, and how governments are responding to that issue. One thing I will take issue with Deputy Body Barrett on is when he demonised people like the Collison brothers, who started off by winning the BT Young Scientist award and went on to be global players in the fintech place, creating thousands of jobs not just in Ireland but across the globe, and whose innovation in technology is supporting so many Irish SMEs in their ability to trade not just domestically but internationally.”
“I thank all of the Deputies for raising these important matters and for giving all of us an opportunity on all sides of the House to discuss the pressures households are facing regarding the cost of living and the actions the Government is taking. It is fair to say that some people on the far side of the House have been positive in their commentary in highlighting some of the issues that are faced and providing some potential solutions. Most recently, Deputy Heneghan proposed a solution regarding plug-in solar panels. The Government needs to learn that when decisions are to be taken, if we take them more swiftly, the solution will then obviously be implemented more quickly. A lot of people did not acknowledge the real reason we have such a huge energy cost currently, which is the conflict in the Middle East.”
“I look forward to coming back in a few short weeks for Committee and Report Stages. This will enable it to be passed over to the President for signing, which will ensure that those families the Senator mentioned earlier will be able to access fair and affordable mortgage protection so that they can move on with their lives. Go raibh maith agat, Acting Chairperson.”
“People coming through that fight, getting the diagnosis of being cancer free and going on to try to put a life together were hit with another barrier. The Bill is removing that barrier. It is a very positive development. I particularly want to thank the advocacy groups and the cancer survivors who brought this to our attention and have been so strong in ensuring that we have kept a razor-sharp focus on this. I also thank the officials in the Department because I was like a dog with a bone for the past 12 months in terms of where we were at and moving it quicker. Due to that, and because of the work the now Minister of State, Deputy Ardagh, did in the last Seanad and in the early stages of this Dáil, we are here today. It is a positive development. I thank the Members who came into the Seanad to contribute.”
“I thank the Senators. There is no point in rehashing the issues. It is heartening to see that we can all come together and work collaboratively on legislation that will make a positive difference to so many families. As all speakers, me included, alluded to, this is something that has affected every family in Ireland, unfortunately, down through the decades. Thankfully, because of the focus of medical research, a diagnosis of cancer is not the life-ending diagnosis that it once was. More and more people, having gone through their treatment, are going on to live full, normal lives thereafter. This legislation is enabling that by ensuring that one of the barriers that was there heretofore is removed.”
“I know all Members of the House will support the Bill and will work constructively with us to demonstrate that we stand together for cancer survivors. I look forward to the contributions of Senators and to a constructive and thoughtful debate.”
“It is about recognising the resilience of people who have overcome one of life’s greatest challenges, and helping to ensure that surviving cancer marks the beginning of a new chapter, not the continuation of unnecessary barriers. I want to acknowledge the many stakeholders whose hard work, determination and advocacy have helped to shape this legislation, in particular the Irish Cancer Society and Insurance Ireland. I also want to acknowledge the exceptional dedication and work of the civil servants working in this section in my Department, who have been ever so helpful in ensuring we get this legislation to where we are today. I want to thank every survivor who wrote, called or mentioned to me in passing the impact that this legislation would have on their lives and the importance of ensuring it is enacted without delay.”
“If they have come through that journey, then we as politicians and policymakers should do everything we can to help them to move forward, and not place barriers in their path. In essence, public service, at its best, is about addressing real problems in people’s lives and removing barriers where we can. It really is heartening to see such cross-party collaboration in this regard. This legislation cannot undo what people have been through. It cannot lessen the personal journey or the loss that some families have experienced, but it can remove an unjust barrier. It makes life fairer. It can give people a genuine chance to move forward with confidence, hope and dignity. Ultimately, that is what this Bill is about. It is about fairness in the most practical sense.”
“This Bill moves away from a voluntary framework to one that provides legal certainty, thereby ensuring consistency, enforceability and protection for cancer survivors. The Bill also incorporates a number of targeted amendments to the wider insurance framework, ensuring that it is fully integrated within the broader regulatory system and aligned with EU requirements. These amendments, while technical, are important in maintaining the strength and stability of the sector as a whole. Sadly, having lost two siblings of my own, I know only too well the impact cancer has on families. Many people in this room also know the impact cancer has had on families. Thankfully, today many people today are living full lives after cancer because of the advances in treatment and care. This is really important.”
“Expanding the scope prematurely without detailed actuarial and legal groundwork could introduce unintended consequences that could delay protection for cancer survivors or indirectly impact other financial service products and insurance premiums for other consumers. It was prudent of the Government to ensure that these consequences were avoided. It is important to recognise that this legislation builds on progress already made. The voluntary code introduced by Insurance Ireland in December 2023 demonstrated that change was possible and that the insurance sector was willing to engage constructively. An independent review found that the code was broadly effective but also highlighted its limitations. When it comes to rights, voluntary arrangements can only go so far.”
“Some Senators may ask why the Bill focuses solely on cancer survivors and mortgage protection insurance and does not cover other financial products or medical conditions. The answer is one of prioritisation and pragmatism. In legislation and policy, it is vital to take a stepwise approach, similar to other EU member states, focusing first on where the need is greatest and where there is the clearest evidence base. Mortgage protection insurance is a critical financial product tied directly to one of the most fundamental aspects of life, that is, securing your own home. It is the area where protections are most urgently needed.”
“This standard is supported by the Irish Society of Medical Oncologists and the five-year threshold, regardless of age, is aligned with a number of other EU member states' approaches. It is a step further than the voluntary code of practice, which set the threshold at seven years. I personally wanted to make this improvement and I am pleased to have been able to do so. The Bill, as amended, also ensures that these protections are meaningful in the real world. It increases the level of mortgage protection cover to which the disregard applies to €650,000. Insurers' normal underwriting process shall apply to any amount of mortgage protection insurance cover that exceeds that maximum amount, reflecting the realities of the housing market. Again, this goes further than previous iterations.”
“It is a carefully designed framework that allows insurers to collect information on past diagnoses to ensure transparency and compliance but that does not allow such information to be used to set premiums or deny mortgage protection insurance once eligibility thresholds are met. The disregard approach strikes the right balance between consumer protection, transparency and legal certainty. The Bill, as amended, provides that, where an individual has completed active cancer treatment and has remained in remission for a period of five years, their cancer history must be disregarded for the purposes of mortgage protection insurance. Five years is internationally recognised as the point at which cancer surveillance intensity often reduces, recurrence risk drops substantially, and patients are frequently considered functionally cured.”
“In bringing the legislation forward, I have been guided by a careful and evidence-based approach and through detailed analysis and engagement with a wide range of stakeholders, including the Office of the Parliamentary Counsel, the Financial Services and Pensions Ombudsman, representatives of the insurance industry, the Irish Society of Medical Oncologists, the Society of Actuaries in Ireland, the Irish Cancer Society, and other member states that have similar measures in place, in order to develop legislation that moves the framework from a voluntary to a legislative footing. The result of that work is the Bill now before the House. One of the most important developments has been moving from a right to be forgotten to a right to disregard. This is not simply a technical distinction.”
“That is not merely a difficulty; it is a fundamental unfairness. Surviving cancer should not leave someone disadvantaged when trying to access financial services or buying a home. This Bill seeks to address that unfairness. It gives effect to a principle that I believe resonates across this House and far beyond it, which is that a cancer diagnosis should not define a person’s future.”
“Government has made amendments to ensure that it delivers, in a practical and legally robust manner, on its core objective, which is to provide meaningful protections for cancer survivors seeking access to mortgage protection insurance for their principal private residence. The Bill now comes before this House in a strengthened and carefully considered form. At its heart, this legislation is about something very simple but very profound - fairness and dignity. For many people, completing cancer treatment should mark the beginning of a new chapter. It should be a moment when life begins to open up again, when plans can be made, stability rebuilt and the future approached with hope and confidence. Yet, for too many cancer survivors, barriers persist long after treatment has ended.”
“I am pleased to bring before the House today the Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Bill 2025. As Senators may be aware, this legislation originated as the Central Bank (Amendment) Bill 2025, a Private Member's Bill introduced by Deputy Catherine Ardagh. I take this opportunity to acknowledge and commend Deputy Ardagh on her unwavering commitment in bringing this important issue to national attention. Her sustained advocacy, both in introducing the Bill and in championing it previously in the Seanad, has been instrumental in progressing this matter to its current stage. Her agreement, her work and the commitment in the programme for Government have enabled me to prioritise the progression of this hugely important Bill through the Dáil.”
“At a time when the Tánaiste and I are advocating that people take out a new investment account and are encouraging them to invest and save their money in a different way from next year, there is maybe a recognition and a timeframe that something can be done in this area. Maybe it is for a special niece or nephew and to acknowledge people who are childless. However, to be fair, there are many families where nieces and nephews would maybe need introductions to some of their aunts and uncles. Maybe we have to be imaginative in how we do it. The critical thing is that the tax strategy group papers are going to give updated information. That data will help to inform the Tánaiste in his consideration before any decision is taken at a wider Government level.”
“The Senator can be guaranteed that I will bring her message back loud and clear. I have no doubt that she is using her own offices and her direct contact with the senior Minister in the Department to make her views known. As I have said, €350 million is a significant amount of money. I am sure the Senator has been in Buswells many days in the past few weeks when various advocacy groups are coming to put forward proposals on the need for additional resources to keep critical services going and to support people in our communities. The Senator is right. People who are leaving money in a will have worked hard to accumulate that money. They have paid taxes on their work. They have done the right thing and put money away, but it is not they who are paying the tax. It is the beneficiary who is paying the tax, and that is a bit of a difference.”
“As with all taxation matters, this will form part of the budgetary consideration, which has started for next year's budget. I welcome that there is updated data in the tax strategy group's papers this year that will help inform the decisions and considerations that the Tánaiste and the wider Government will have to make in advance of the upcoming budget.”
“The tax strategy group paper was published in advance of the budget and is the best means of considering issues such as inheritance tax in an analytical and transparent way. The group is not a decision-making body and the papers produced by the Department of Finance are simply a list of options and issues to be considered in the budgetary process. Officials included a further update on this matter in this year’s tax strategy group papers, which will be published shortly. I assure the Senator that the Tánaiste is conscious of the burden of capital taxation and continues to engage with his officials on these matters. He also met with the End Discrimination in Inheritance Tax group and I understand that further engagement with it is going to take place.”
“In relation to the idea of combining thresholds A and B and bringing relatives such as nephews, nieces, brothers and sisters within the scope of the higher threshold, the Senator should note that Department of Finance officials reviewed this matter last year in the CAT tax strategy group paper. As part of this exercise, Revenue estimated that the cost of merging groups A and B to be in the region of €305 million. These costs have been updated recently, and it is estimated that such a change could now cost in the region of €350 million. It is fair to say this is a significant sum of money, and while I appreciate the Senator's sentiment toward the issue, it is not an easy undertaking from a budgetary perspective.”
“This threshold applies where the beneficiary is a brother, sister, nephew, niece or linear ancestor or descendant such as a grandchild of the disponer. The group C threshold increased to €20,000 from €16,250, with this threshold applying in all other cases. It should be borne in mind that where a person receives a gift or inheritance that is in excess of the relevant tax-free threshold, CAT at a rate of 33% applies on all excess benefits. It is important to be aware that there are significant costs associated with increasing the existing thresholds. For instance, an increase in threshold A to €500,000 would cost in the region of €86.6 million, while an increase in threshold B to €60,000 would cost approximately €70 million.”
“For CAT purposes, the relationship between the person giving the gift or inheritance and the person receiving it determines the maximum amount, known as the group threshold, below which CAT does not arise. The Finance Act 2024 increased each threshold by approximately 20%, with an estimated cost of €88 million. The group A threshold, which in general applies where the beneficiary is a child of the disponer, increased to €400,000 from €335,000. It is useful to note that the definition of "children" for capital acquisitions tax purposes includes any stepchildren, adopted children or certain foster children. All can avail of the group A threshold in respect of gifts and inheritance received from the disponer. The group B threshold increased to €40,000 from €32,500.”
“I thank the Senator for raising this matter. It is quite popular currently, largely due to the work of the end tax discrimination group. The group is contacting us all and I acknowledge that it is doing great advocacy work, as the Senator is herself. She has raised this before in the Seanad. The capital acquisitions tax, CAT, is a beneficiary-orientated tax that is payable by the recipient of a gift or inheritance as opposed to the person providing that gift or inheritance. CAT plays an important role in ensuring that we maintain a broad tax base and raised €854 million in 2024 and €1.12 billion in 2025, so it is not an insignificant sum of money.”
“I move amendment No. 8: In page 28, lines 25 to 27, to delete all words from and including “in” in line 25 down to and including “matters” in line 27 and substitute “, in relation to any relevant residual matter”.”
“The policy remains unchanged, namely to ensure the effective transfer of residual functions, assets, liabilities and legal matters to the NTMA, and to allow those matters to be brought to an orderly conclusion. I therefore commend these amendments to the House.”
“A key element of that process is ensuring the seamless continuation of any outstanding matters, including ongoing legal proceedings, with provision for the substitution of the NTMA in place of NAMA and the IBRC as appropriate in such proceedings, along with the continuation of associated rights and obligations. In that context, the amendments being brought relate to the terminology used in Part 4 and ensure clarity and consistency in how references to proceedings are expressed across the relevant positions. This is simply to ensure that the provisions operate clearly and consistently in practice. These amendments are purely technical in nature and do not alter the underlying policy intent of the Bill in any way.”
“I flagged on Committee Stage that I intended to introduce a small number of amendments to Part 4 of the Bill on behalf of the Minister for Finance. These amendments are technical in nature and are designed to ensure clarity and consistency in the drafting of the legislation. As Deputies will be aware, the Bill provides for the orderly wind-down of NAMA and for the transfer of any residual matters to the NTMA for management to completion, including the continuation of any ongoing proceedings. The Bill also facilitates the conclusion of the IBRC special liquidation, with provision for any remaining residual matters to transfer to the NTMA for management to completion by way of transfer agreement entered into between the relevant parties.”
“I move amendment No. 4: In page 17, to delete lines 35 to 43, and in page 18, to delete lines 1 and 2 and substitute the following: “ ‘residual NAMA matter’ means any asset, liability, right, cause of action, entitlement or obligation of any nature or kind, or legal proceedings, that immediately before the dissolution day was an asset, liability, right, cause of action, entitlement or obligation of any nature or kind of, or relating to, NAMA or a NAMA group entity and, in the case of legal proceedings, were legal proceedings to which NAMA or a NAMA group entity was a party or which were otherwise relating to NAMA or a NAMA group entity, and which on and after the dissolution day is an asset, liability, right, cause of action, entitlement or obligation of, or relating to, the Agency or a subsidiary of the Agency, as the case may be, or, in the case of legal proceedings, are legal proceedings to which the Agency or a subsidiary of the Agency is a party or which are otherwise relating to the Agency or a subsidiary of the Agency, as the case may be;”.”
“Matters relating to individual contacts are the responsibility of the CEO and the NTMA and are not determined by the Minister. Neither I, as Minister of State, or, indeed, the senior Minister have any role in individual contractual terms and conditions or assignments within the NTMA. The CEO of the NTMA is appointed through an open competitive process and is accountable to the Committee of Public Accounts and the staff underneath him are accountable to the CEO.”
“I would make the point that the current CEO of NAMA had been a permanent employee of the NTMA since before NAMA's establishment. The NAMA CEO position will cease on the dissolution of NAMA. At that point, he will continue as an NTMA employee under his existing employment framework and individual contract. This does not involve a new appointment or, indeed, any special arrangement but reflects his ongoing status as an NTMA employee. He has not been newly appointed or accommodated. Rather, his role is changing following the dissolution of NAMA, and any future role he takes within the organisation is a matter for the current CEO of the NTMA and he will report within the NTMA structure. He will not be the Accounting Officer. He will not be the CEO of the NTMA. As with all staff, his contractual rights as an employee continue to apply.”
“The amendment is predicated on a transfer of staff that does not arise as all NAMA staff are employed by the NTMA and there is no transfer of staff under the legislation. The information sought is also already either publicly available at an appropriate level of aggregation or relates to matters that are governed within NTMA's existing oversight and confidentiality framework. For these reasons, I am not in the position to accept the amendment.”
“Such information constitutes personal data and is subject to contractual confidentiality and data protection requirements. Staff assigned to the resolution unit will be captured within the existing NTMA reporting arrangements in the same manner as staff across all other functional areas of the NTMA. More broadly, the NTMA is an established State body with its own statutory functions, governance structures and accountability arrangements. Decisions related to staffing, organisational structure and the allocation of roles within the agency are matters for the NTMA itself operating within that framework. In that context, the additional reporting requirements proposed in this amendment are neither necessary nor proportionate.”
“As with all NTMA staff, matters relating to assignments, roles and individual contractual terms are managed within the agency. Neither the Tánaiste, as Minister for Finance, or I have any role in such arrangements. Turning to the remuneration, the NTMA operates within an established statutory and governance framework. It complies fully with the code of practise for the governance of State bodies and provides transparency through its annual report, including the publication of employee remuneration in bands of €25,000, beginning with those earning in excess of €50,000. This ensures appropriate public accountability at an aggregate level. It would not be appropriate to publish salary information relating to individual employees.”
“While the dissolution of NAMA is a significant step reflecting the fact that it has largely concluded its operational work, the assignment of a small number of staff to a specific function within the NTMA is an internal organisational matter. While the Deputy does not specifically refer to the position of chief executive officer in his amendment, he does in his contribution. I again note that this role will cease on the dissolution of NAMA as the legislative basis for the position is repealed. The current CEO has been a permanent employee of the NTMA operating in a senior executive role before NAMA's establishment. He will transition within the organisation under his existing contractual framework. This does not involve a new appointment but reflects the normal reassignment of an NTMA employee following organisational change.”
“When operational, the unit's eight staff are expected to comprise a head of unit, two finance professionals, two operational professionals, two better case managers and one legal professional. The head of the unit will report to the NTMA's chief financial and operating officer and the unit will be supported by the NTMA's wider operational platform including IT, compliance, human resources and facilities. No additional stand-alone corporate infrastructure is required. It is also important to recognise the broader organisational context. The NTMA is a large established State body with approximately 688 employees at the end of 2025, excluding those assigned to NAMA.”
“All individuals working in NAMA have always have been employees of the NTMA assigned to perform NAMA functions. Accordingly, there is no transfer of employment arising from the dissolution of NAMA and therefore the premise of the transfer of staff does not arise in fact or in law. In practical terms, a small number of staff will be assigned to a dedicated unit within the NTMA to manage the limited residual work that will remain following NAMA's dissolution. This is not a new statutory structure but a functional unit operating within the NTMA's existing operational governance and resourcing framework. The roles within the unit are aligned with the completion of the residual work and the work itself is simply being integrated into the ongoing operations of the NTMA.”
“I will respond to the amendment that was put down, which is relates to the transfer of staff, not one individual staff member. I thank Deputy Doherty for bringing forward this amendment which proposes to amend the legislation to require us reporting on staff from NAMA to the NTMA, including salary information. As outlined on Committee Stage, the legislation does not include any provisions relating to the transfer of staff from NAMA to the NTMA. The general scheme of the Bill, published in 2024, had included a standard provision to provide for the transfer of staff, reflecting precedents in other similar legislation. However, following further engagement with NAMA and the NTMA, it became clear that no statutory mechanism is necessary in this case. This is because NAMA does not employ staff in its own right.”
“NAMA's performance has already been subject to extensive audit reporting and independent review and for those reasons, I will not accept the amendment.”
“NAMA was established to manage impaired loans, not to hold assets indefinitely in anticipation of future gains. It operated within a statutory and state aid framework that required it manage and dispose of assets over time. A speculative holding strategy would have exposed the State to ongoing risk and delayed deleveraging and would have potentially hindered economic recovery. In that context, comparison with later market values does not provide a meaningful basis for assessing decisions taken at the time nor is it well-founded to assume that assets could simply have been held longer to generate higher returns. While the objective of transparency is fully accepted, the approach proposed in this amendment would neither be feasible nor produce meaningful results.”
“Crucially, only the property owner holds the full information on post-sale investment, including capital and operating costs. This information is essential to any robust comparison but is not accessible, even to the Department of Finance. Without it, any analysis would be incomplete and potentially misleading. There are also strict, statutory confidentiality obligations limiting the disclosure of debtor-specific or commercially sensitive information. These obligations continue after NAMA's dissolution. It is important to consider the broader context. NAMA has delivered a strong return to the State, repaid its debt in full and substantially completed its mandate, and successfully managed a complex and high-risk portfolio by supporting financial stability.”
“More fundamentally, even if such data were available, the proposal would be inherently counterfactual. It relies on assumptions about future market conditions, financing costs and risks that cannot be reliably reconstructed. It does not reflect the context in which NAMA operated - a distressed market, significant uncertainty and a statutory obligation to reduce risk and dispose of assets over time and not to speculate on future price movements. Subsequent valuations taken in isolation do not provide a reliable basis for assessing decisions taken at the time. In many cases, assets were further developed, restructured or invested in after disposal and any uplift in value reflects those subsequent actions. This is not unique to NAMA but a normal feature of property markets.”
“The report concluded that this was the right approach. As market conditions improved, many borrowers refinanced or repaid their loans. In such cases, loans exited the NAMA system and the agency could not, and should not, have prevented this. This is a normal feature of a recovering financial system. It is also the case that in the post-crisis environment, debt levels in many instances exceeded underlying asset values. In that context, agreed disposal strategies were a necessary part of deleveraging and reflected the financial realities of the time. As a result, NAMA does not systematically retain or control information on subsequent resale values or updated valuations. Constructing such a database retrospectively would require extensive third-party data, much of which are not publicly available or are commercially sensitive.”
“Turning to the substance of the amendment, there are clear, practical and legal limitations. NAMA did not acquire property assets directly. It acquired and managed loans secured on property, with the assets remaining in the ownership of debtors or receivers. Once loans were resolved or the underlying asset disposed of, they exited the NAMA system. NAMA's mandate, as set by the Oireachtas, was to deal with its portfolio expeditiously. It was never intended to operate as a long-term asset holder nor would it have been appropriate to attend assets on a speculative basis in the hope of future price increases. The recent report by Professor John FitzGerald provides useful context. It notes that despite the Government facing external pressure to accelerate disposals, NAMA adhered to its strategy and, in doing so, was able to maximise value.”
“The Department of Finance conducted statutory five-year reviews and the Comptroller and Auditor General has also taken independent reviews including one published as recently as last month. Taken together, these provide a comprehensive and independent evidence base on NAMA's performance. Second, the available evidence indicates that NAMA has met and, in some respects, exceeded its objectives. It delivered a lifetime contribution of €5.6 billion to the State and eliminated a significant contingent liability through the early redemption of its senior debt. The Comptroller and Auditor General estimates a lifetime return of 6.8%, compared to the initial expectation of 5%. More broadly, NAMA is widely regarded internationally as a successful example of a state-backed asset management agency.”
“I thank the Deputies for tabling these amendments. While I fully appreciate and understand the intent behind them, I am not in a position to accept them. This matter has been considered in detail at pre-legislative scrutiny, Second Stage and Committee Stage. I agree that scrutiny of NAMA's performance and of the value delivered to the taxpayer is both appropriate and important. However, I must again set out why this amendment is neither necessary nor feasible. First, NAMA's performance has been subject to extensive oversight throughout its lifetime. Its annual and quarterly accounts were laid before the Oireachtas and audited by the Comptroller and Auditor General.”
“Unfortunately, it was at the expense of Westmeath and put us into misery after what was a fabulous year. Even though Monaghan has done that to us, I will take on board what the Senator said here today and see can we get a solution for him.”