PAC criticises NAMA’s handling of in Project Eagle

first_imgFine Gael select Byrne and O’Donnell for Limerick City Print Previous articleUL claim O’Connor Cup crownNext articleAll Ireland glory for Limerick at Awards ceremony Staff Reporter Limerick proposal to allow NAMA deliver affordable housing Advertisement Victims of Loughill crash named WhatsApp Media in the dock as €26 million courts complex opens for business Emotional farewell to crash victims NewsPAC criticises NAMA’s handling of in Project EagleBy Staff Reporter – March 14, 2017 1020 center_img Twitter RELATED ARTICLESMORE FROM AUTHOR Linkedin Facebook Email TAGSCerberusFrank CushnahanMichael NoonanNAMAProject Eagle THE Public Accounts Committee (PAC) has said found that “it was not procedurally appropriate” for Michael Noonan to meet with senior representatives from New York based private investment firm Cerberus the day before NAMA’s Project Eagle bid closing date.In a report issued this Tuesday, the PAC has criticised a number of aspects of the handling of the project sale calling it “seriously deficient”.In June 2014, NAMA sold its Northern Ireland remaining portfolio of loans in a single lot to Cerberus for a price of STG £1.137 billion. The sale of the portfolio was code named Project Eagle.Sign up for the weekly Limerick Post newsletter Sign Up NAMA recorded a loss of STG £162m in its accounts on the sale of Project Eagle and a total loss of €800m during the period of 2010 to 2014.In total, the State lost €3.55 billion over the Nothern Ireland based NAMA loans as it only managed to recover 36 per cent of their original par value.Cerberus, the private investment firm based in New York, was the successful bidder for Project Eagle and up to December 22, 2016 it had purchased stock to €14.4 billion or 20 per cent of NAMA’s assets.Senior figures including Minister Noonan, the NAMA chairman and CEO meeting with Cerberus the day before the bid closing date could have given the perception that Cerberus was benefiting from preferential treatment.The PAC also found that the continued involvement of Frank Cushnahan as a Member of the Northern Ireland Advisory Committee was a failure of corporate governance by NAMA.Furthermore, the Committee state in their report that “is firmly of the view that the sale of Project Eagle was not a well designed sales process” and the destruction of contemporaneous Nama Board notes “has undermined NAMA’s ability to explain and account satisfactorily to the Public Accounts Committee in relation to its decision making processes.”The full report can be viewed here. There’s still a lot happening for Michael Noonanlast_img read more

Will mobile banking and EMV-chip cards boost check fraud?

first_imgEvery year for the past decade or so, fewer checks are written as consumers switch to cards and, lately, mobile apps. Total losses from check fraud have also dropped. So, thwarting check fraudsters can be crossed off your financial institution’s to-do list in 2016, right?Not so fast.According to a white paper just released by Bluepoint Solutions, Cheating With Checks: An Update on the Shifting Check Fraudscape, stemming losses from checks continues to merit serious executive attention.For one thing, checks are still a leading source of attempted fraud, according to the Federal Reserve. For another thing, the dollar value of each check transaction averages significantly more than the average card transaction. This means that each check poses a relatively larger risk than card transaction, and in fact, the average loss per fraudulent check is actually rising.It also means that check fraud losses are not falling off nearly as quickly as the drop in volume might imply. Check losses are still near three-quarters of a billion dollars a year, and they affect almost all financial institutions. Are these losses within “tolerable” limits? What about the total cost impact of fraud, which affects shareholders and account holders alike?Looking ahead, the boom in mobile deposits may make checks once again a more attractive target for counterfeiters, kiters and other cheaters. Virtually all banks and credit unions either offer or plan to offer mobile check deposits, despite the belief that they are riskier.They have little choice. Account holders, at first mostly the millennial generation, but now all demographic groups, are demanding the convenience of more mobile self-service features. A current study by Celent, for example, shows that about a third of the entire U.S. population across all age groups will use mobile banking to some extent in 2016. A huge amount of this market remains to be tapped, leaving the threat of fraud largely undiscovered.Fraudsters, who are nothing if not adaptable, may also be attracted to checks as a better alternative to attacking EMV-chip cards, which are being deployed rapidly and are more difficult to abuse.The good news is that financial institutions are actively pushing back the proportion of successful attempts at check fraud, largely through the implementation of collaborative data bases that help identify potential fraud right at the point of presentment. With the right technology in place, duplicate detection and other validation steps can be applied equally to in-branch and remote deposits, including mobile capture. And moving from an environment with multiple legacy vendors and systems, toward today’s affordable, fully-integrated systems has become one of the most effective prevention loss prevention strategies available.Checks will be with us for many years yet. And taking into account the explosive growth of mobile banking, to say nothing of the general unpredictability of the financial environment, check fraud could even be on the rise again. Continued vigilance and extended early detection are the keys to a successful future-facing risk mitigation strategy. It’s not time yet to check this off our lists.The new white paper from Bluepoint Solutions is the third in a series of biennial surveys of check fraud.Updated information from the most recent Federal Reserve payments study, the ABA Deposit Account Fraud Survey Report, the AFP Payments Fraud and Control Survey, and other industry sources.Examination of trends in the changing sources of fraud, total vs. successful attempts, volumes vs. losses.Impact analysis of mobile deposits and other recent developments in the payment realm.Click here to view the white paper summary and download the full report. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Alissa Fry-Harris Alissa Fry-Harris is the director of marketing for Bluepoint Solutions, which provides integrated, end-to-end payment processing and content management technology solutions that help credit unions achieve the strategic goals of … Web: Detailslast_img read more