Brian Lenihan to appear before Oireachtais Finance committee at 2pm. 31/08/09

[powderfinger]

According to the Oireachtais Joint committee's website,Minister for Finance Brian Lenihan will answer questions posed by committee members on his proposals to establish a National Asset Management Agency today at 2pm.

Minister for Finance, Brian Lenihan, TD, will appear before the Oireachtas Joint Committee on Finance and the Public Service on Monday, 31st August to discuss draft legislation for the setting up of the National Asset Management Agency (NAMA).
The meeting will analyse a range of issues relating to the establishment, operation and function of NAMA.
Chairman of the Oireachtas Joint Committee on Finance and the Public Service, Michael Ahern, TD, said: "This meeting with the Minister will provide members of the Committee with the opportunity to scrutinise the proposals contained in the National Asset Management Agency Bill 2009. The proposed National Asset Management Agency is being set up to acquire banks’ bad debts and take loans off the balance sheets of Irish banks as part of a plan to cleanse and repair banks’ balance sheets. Initial indications are that it may take control of €90 billion of bank property assets."
"Questions have been raised about the proposed operation of NAMA, including the method of valuation of the banks’ assets; the impact of recent court cases on the valuation process; the powers the Minister will have in his dealings with the agency; and what kind of oversight the Oireachtas will have over the agency."
"Next Monday’s meeting will provide a timely opportunity for committee members to put questions to the Minister on this crucial piece of legislation."
The meeting will take place at 2 p.m. in Committee Room 1, Leinster House on Monday 31st August.

The members of the committee are:


Micheal Ahern TD FF Chairman
Michael Mc Grath TD FF Vice-Chair.


Frank Fahey TD FF
Chris Andrews TD FF
Brendan Kennelly TD FF


Richard Bruton TD FG
Kieran O' Donnell TD FG
Terence Flanagan TD FG
Seán Barrett TD FG


Joan Burton TD Lab.


Noel Grealish TD PD


Senator Marc Mac Sharry FF
Senator John Hanafin FF
Senator Liam Twomey FG
Senator Fergal Quinn IND.

[Elvis Parsley]

Is Fahey bring the Pom-Poms to cheer him on? I don't understand why he is allowed to sit for this topic considering his property portfolio.

[meriwether2]

He could be asked about hsi assertion that nodody in the market will value property (in his debates with Richard Bruton) in light of McInerneys write downs today.

[HarshBuzz]

we should open a book on the key phrases to be used:

I'll plump for 'Lehman Brothers' and 'international factors'. Will also be keeping an ear out for 'the Opposition have provided no viable alternative' and 'reversion to long-term mean'.

[powderfinger]

Can any poster advise if Minister Lenihan's appearance in front of the Joint Committee on Finance and the Public Service will be broadcast on the Oireachtais website?

Thanks.

[toughbutfair]

I am looking forward to see what he has to say, especially about how much we'll pay or whether expected future gains will be factored in. Who will value will also be important.

I'd like foreigners with no vested interests to do the valuations.

Say what you want about Lenihan, but I expect he will be good under cross examination, using his legal skills etc

[Digout]

Can we watch this online?

[DCon]

draft paper:

Statement by Minister for Finance on the NAMA legislation draft paper. - Department of Finance - Government of Ireland

The grilling is in committee room 1 according to oireachtas.ie. Schedule of Business this Week in the Houses of the Oireachtas 31 August - 4 September 2009 - Tithe an Oireachtais


Oireachtas Live: Webcasts and IPTV Multicasts - Tithe an Oireachtais

Committee room 1 does not seem to be viewable online.

[The OD]

So we are going to spend to see a defacto rubber stamping exercise?

[Perturbed Professional]

Hopefully this should deliver the transparency and clarity the public needs. If not, then Fianna Fail have truly dropped the ball, and I daresay this country is going head first into the wood chipper.

The idea behind the NAMA policy isn't a bad one - it's just been woefully explained to a point where people are misconstruing it as a "bailout for the developers".