Results 22,201-22,220 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) (22 Nov 2016)
Seán Fleming: I know an issue was made about the limited amount of work Lazard put in and the amount of hours it took. Had it not reached a successful financial conclusion, despite other issues, Lazard would not have received a fee.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: So there is a risk on the company's behalf, whether or not it is going to get paid at all. In fairness, that must be said because Mr. Long is assisting. Given those levels of restrictions that NAMA put on the process before Lazard arrived on the scene, was it fair to Lazard that it had to operate on a no foal, no fee basis, as we would describe it here. I can understand if a person was...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: So eventually Lazard accepted it despite the inherent risks from the witness's point of view?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: I want to move on to page 152, part of appendix C and it is an important document. It is the summary of the bids received from Fortress and Cerberus. I refer again to the restrictions that NAMA placed on the bid before it got near Lazard. Page 152 of the report shows the prices and the fact Fortress did not meet the reserve price. On the same page, under the heading of financing, it shows...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Did it meet the reserve?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Ultimately, only one bid met the reserve price.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Mr. Long has said that price was the key, crucial issue.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: That was not very competitive. Lazard had only one valid bid on the table based on the conditions of the sale. How could one describe that as competitive?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: So, at the end of the day, the witness was happy with one. My last question concerns the meetings with Cerberus the night before the bids were submitted. Was Lazard involved in those meetings?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Was Mr. Long aware of the meetings in advance?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Given that Lazard was the sales agent, and a meeting was going to happen between Cerberus, who Mr. Long had said was very heavily involved in the process, the Minister for Finance-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Why would Lazard not have attended?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: The witness was not there but could a meeting like that, or information gleaned at it, have had an impact on the bids submitted? It is very strange that the person running the bidding process was not there. Other sales are not quite the same as selling State assets. These are State assets being sold by the Irish State and any loss will be carried by the Irish public. Similarly, on the...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Deputy McDonald has asked if Mr. Long was aware of a similar type meeting or contact with Fortress around the same time.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Separate from Lazard's involvement?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: I thank the witness. The speakers for our second round have indicated in the following sequence: Deputies Connolly, Cullinane, Madigan, Catherine Murphy, McDonald and Burke. I propose a ten minute break and then we will resume for another hour.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: We are back in public session. The next speaker is Deputy Catherine Connolly.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Deputy Connolly has nearly finished her time.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Mr. Long is saying that it is a matter for NAMA.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Was April 2013 not mentioned in the NAMA minutes?