PAC calls for Dáil debate on future use of NAMA funds

PAC calls for Dáil debate on future use of NAMA funds

Ireland's political financial watchdog has demanded a full Dáil debate on how millions of euro in excess NAMA funds will be used in the future amid concern over Government claims the money will only be used to pay off the national debt.

The Dáil's public accounts committee agreed the move this morning in response to Taoiseach Leo Varadkar's claims this week the funds need to be ring-fenced for non-frontline service matters.

Speaking at the start of the latest PAC meeting, committee chair and Fianna Fáil TD Sean Fleming said there is a need to contact the Dáil and seek a debate most likely immediately after the Christmas break.

While saying the PAC should not give a specific recommendation on how NAMA's excess funds should be spent "as I might disagree with you or you with me", Mr Fleming said a general motion to the Dáil would allow a debate on the issue.

Social Democrats TD Catherine Murphy agreed, saying she was particularly concerned at Mr Varadkar's recent comments the money will be used to help pay off the national debt.

Saying "I don't agree with that", Ms Murphy said there is a need to discuss whether the excess NAMA funds should instead be used for vital and under-resourced frontline services.

Noting there is no EU rule for the money to be spent on paying down the national debt, Ms Murphy said she is concerned the Government is using Europe as a cover for re-directing the NAMA money.

Ms Murphy raised questions over what will ultimately come from a PAC call for a Dáil debate on how the NAMA money issue unless it is given greater focus on how the money should in fact be spent.

However, Mr Fleming said the reason why the debate request needs to be kept general is because there is not an agreed view from the PAC at this stage as to how exactly the money should be used when NAMA is eventually wound down.

More on this topic

NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021

Nama forced into €2m settlement with Revenue, correspondence revealsNama forced into €2m settlement with Revenue, correspondence reveals

'It is very frustrating to see it': Developers buy back Nama loans at discounts'It is very frustrating to see it': Developers buy back Nama loans at discounts

Taxpayers let down over historic assurances about NamaTaxpayers let down over historic assurances about Nama


More in this Section

Poll gives Fianna Fáil slender two-point lead as Sinn Féin takes support from Fine GaelPoll gives Fianna Fáil slender two-point lead as Sinn Féin takes support from Fine Gael

Poll gives Fianna Fáil slender two-point lead as Sinn Féin takes support from Fine GaelPoll gives Fianna Fáil slender two-point lead as Sinn Féin takes support from Fine Gael

Cork candidate hopes to be city’s first Traveller TD in DáilCork candidate hopes to be city’s first Traveller TD in Dáil

Cork gardaí appeal for witnesses to burglary where father of three was set alightCork gardaí appeal for witnesses to burglary where father of three was set alight


Lifestyle

SECOND Captains is one of the long-running success stories in Irish podcasting. Ostensibly a sports show led by Eoin McDevitt, Ken Early, and Ciarán Murphy, the former Off The Ball team from Newstalk launched the podcast in mid-2013. two Monday shows are offered for free, with Tuesday-Friday behind a Patreon subscriber model and dubbed ‘The World Service’. It has more than 11,500 subscribers.Podcast Corner: First-class podcasts from Second Captains

The incredible life of Ireland’s first celebrity chef has been turned into a play, writes Colette SheridanHow Maura Laverty cooked up a storm

Their paths first crossed on the top floor of the library at University College Cork in October 2010 when both were students there so Amy Coleman and Steven Robinson were delighted to retrace their footsteps on their big day.Wedding of the Week: College sweethearts open new chapter

Peter Dowdall reveals why all roads will lead to Tullow in County Carlow on February 1Snowdrop patrol: Why all roads will lead to County Carlow

More From The Irish Examiner