Results 22,061-22,080 of 34,780 for speaker:Seán Fleming
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: We are nearly there. On 13 February, there was a media leak. Confidentiality was a fundamental issue as far as NAMA was concerned. Shortly afterwards, in mid-March, we had the PIMCO issue coming to light. Then, on 2 April and 3 April, we had the issue with Brown Rudnick and Tughans coming to light. I refer to the success fee. At any of those three stages, did NAMA consider halting the...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Can I just say to Mr. Daly - again, he will find this a bit unusual - that he is very fortuitous in this process. This committee does not know whether we got value for money yet. Consider all the talk about Mr. Cushnahan. He was involved in initiating a process that ultimately resulted in the sale. I am not saying he should get any credit for it and Mr. Daly will not give it but, perhaps...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The second point is that the leaks on 13 February resulted the following day in Mr. George of Fortress forcing his way into it. He rang the Taoiseach's office-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: He is clear that he did make contact to reach out to somebody in the Taoiseach's office. That remark has been made.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I know that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Will it help if I read the paragraph from Fortress's letter? This is important. We asked specifically how Fortress became involved in the sales process. It responded:After learning of the Project Eagle sale process through press reports (described above), on February 13, 2014, Michael George of Fortress reached out to Andrew McDowell, Economic Advisor to the Prime Minister, and Brendan...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I read that out.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Yes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The point is that Fortress came into the process as a result of the media leak.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Yes. They were not in it. The letter says that it happened as a result of the media leak.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It could have, but the-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: No, we will deal with the reality rather than what potentially or possibly could have happened. We are dealing with what actually happened. When Fortress read about the leak, it made immediate inquiries at a very high level in NAMA and at Government level, and the following day it was in the process. That is what actually happened. I suggest that NAMA was very fortunate that there was a...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Do you get the point?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I will just put it for the record. Based on chart 4.34 on page 71, NAMA started off with PIMCO.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It then went to Blackstone.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It then went to Starwood.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It then went to Oaktree.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: In the second week of February, it went to Apollo.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It went to Lone Star. It went to Cerberus.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: That makes seven. Then there was a media leak and Goldman Sachs and Fortress rang up to ask to get in. I am saying that NAMA had contacted seven companies without contacting Fortress. I think it is fair for us to say Fortress came into the race because of the media leak. We have to accept the letter on face value. NAMA cannot say it might have been contacted otherwise. It has no basis...