Results 23,701-23,720 of 34,784 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 (29 Sep 2016)

Seán Fleming: We are all at a disadvantage because we do not have the e-mail. In that document, Cerberus is saying to Mr. Daly that it had engaged Brown Rudnick on the basis that it believes Brown Rudnick had some dealings with NAMA. Mr. Daly is now telling me that Brown Rudnick had not had dealings with NAMA but that one person in the firm might have done so in a pervious existence. Mr. Daly knew that...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Does Mr. Daly understand my line? This is only opening up because he is reading out this e-mail. The e-mail is giving rise to more questions. I will allow Deputy McDonald to contribute in a moment. What I am saying is that Mr. Daly was aware that Cerberus believed that Brown Rudnick had dealings with NAMA? Obviously, that excludes the PIMCO dealings because it cannot be referring to them.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Fine, but Mr. McDonagh knew it was not the case and continued then for the letter of undertaking.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Was there an obligation on the people who were bidding to inform NAMA who they were working with? Would that be normal practice?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Yes, but it is normal.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Right. It would be good practice that NAMA would know the identities of the legal, financial or property advisers to Cerberus or any other organisation. Cerberus kept NAMA in the dark during this process about the fact that it had engaged Brown Rudnick.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: So, NAMA did not know.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Pardon?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Is Mr. McDonagh comfortable that NAMA was being kept in the dark about this at that critical stage?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Okay. Deputy McDonald wants to come in on this.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: We are nearly there. It has been long, but I would prefer to take the extra few minutes to finish this. I would hate to have to come back for an hour. The witnesses will be back at a later date when we have heard from other witnesses.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I call Deputy Cullinane.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Mr. Daly's position is well covered in his opening statement.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I will wrap up. I ask that NAMA send a note on its previous experience rather than have us discuss the matter further because the agency has criticised the Comptroller and Auditor General about his lack of expertise in loan sale valuation and sales process. NAMA said this was only its second sale. We want to know the scale of the first one and the extent of NAMA's loan sale experience...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: And the board pack?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: How would they have received the board pack?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: So that means they had to have 24 hours' notice where an overnight courier is used?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I am not drawing any conclusions but it would be fair to say that the tone of some of the NAMA statements has not been nice. I will just put it that way. I would use the word "condescending". NAMA referred to the Comptroller and Auditor General only producing a desktop report and queried his expertise. Separately, it described the Northern Ireland advisory committee as a talking shop....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: No, but Mr. Daly has said it somewhere.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: We will take that qualification. Without going into the details and even though there is a press statement on it out there somewhere, could Mr. Daly tell us about the complaints NAMA has made to the Standards in Public Office Commission, SIPO, or to the Garda in order that this committee does not inadvertently trespass on issues that are before SIPO or the Garda? What has NAMA reported to...