Results 23,061-23,080 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) (18 Oct 2016)

Seán Fleming: You feel Cerberus got away with £35 million of assets that it had not properly-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: You said you were going to pursue it. It is recorded in the board minutes before you received the cheque from Cerberus that you would go after it for £35 million. My point is that it brings the net amount you received from Cerberus, when you get this £35 million back, possibly at or below your minimum price. Give us the figure, because it is very relevant. Fortress Investment...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: It is extraordinary from the Irish citizen's point of view that, two years on from when the board decided, according to its minutes, to chase Cerberus for the £35 million, the board members present today do not know whether that happened.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Has NAMA received any of the money back?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Okay. I have made the point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: We understand that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: If NAMA were to receive it back, which is what the board believes should happen according to the minutes, it would reduce the net amount that NAMA would receive from Cerberus. It would possibly be below the bid price.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: The witnesses will send us a note.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: I know, but it might have increased if the-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Please try to get it. The witnesses have often mentioned that the difficulties with Northern Ireland debtors are glanced over. From everything that we have read in the newspapers, plans were worked out with NAMA's major debtors in the South. There is a great deal of controversy about those, so we will not go into the details. Some debtors are being paid salaries to work with NAMA. Had...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: The same worked-out business plans with Northern Ireland debtors.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: And the debtors did not meet it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Was NAMA vigilant enough in those years in managing the business plans of the Northern Ireland debtors compared with other business plans?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Does Mr. McEnery understand what I am saying?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: He is admitting that it did not work out.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: When PIMCO withdrew, were the other two bidders informed? Would they have known? We want to understand. I will not go into the detailed stuff. When PIMCO went off the pitch - I will not use the word "withdraw" - were the other two-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: If I as a potential bidder with only three others in the race was informed that the bidder in first place had withdrawn, I might feel that the competition was less competitive. We have been discussing a competitive process. We need to know whether the others were informed. Mr. McEnery will understand. If I were in a two-horse race and the other rider pulled out-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Mr. McEnery understands. I am amazed that we have not been given an answer to this before now. This was one of NAMA's first major loan sales. Is that correct? To date, it had been selling-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: This was a new departure. Mr. Ellingham is chairman of the risk committee. What documents did it draft regarding the potential risk of this new venture for NAMA? Did it make a report or was the question dealt with specifically?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: The witnesses might help us with that. If the information is accurate and sent to us within seven days, I am satisfied to accept it, but if it is not, we will be on NAMA like a tonne of bricks. Is that okay? NAMA's chairman, Mr. Daly, used a phrase at this committee. This process was unique, but he called it a "bespoke process". This tells me that, before NAMA set out on a process that...