Results 7,661-7,680 of 8,081 for speaker:Peter Burke

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)

Peter Burke: So Lazard took NAMA's judgement and proceeded on the basis that it only wanted to sell the asset. Value was not a concern. It just wanted to get the asset sold.

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)

Peter Burke: I understand what Mr. Long is saying. He is saying that Lazard's job was to assist NAMA in achieving its objectives. What I do not understand is how he can put that as one with not questioning the process by which NAMA was constraining itself, which Mr. Long has already said was unusual in terms of the 50 sales in which Lazard has been involved.

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)

Peter Burke: Mr. Long's firm found this to be a difficult sale.

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)

Peter Burke: I have three brief final points. In respect of 13 February when there was a loss of confidentiality, should Lazard not have considered amending the sales approach or advising NAMA to carry out a risk assessment at that point?

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)

Peter Burke: None of the other constraints - for example, the timing in pressing ahead, the strategy of bulking everything together, etc. - changed. Would it not have been prudent at that point to assess the situation? The information had changed and there had been a breach in something that NAMA held dear.

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)

Peter Burke: But Lazard did not ask about it.

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)

Peter Burke: Would it be unusual during an initial consultation regarding such a major deal for a meeting to happen of which we had no written agreement signed by the parties at the meeting detailing what was discussed and what approach was to be taken?

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)

Peter Burke: If something happened to that document down the road or a concern was raised about it, what would be the cornerstone? There would be no record of the initial meeting.

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)

Peter Burke: I am not saying that it is, but is it not good business practice to put adequate safeguards in place when having an initial meeting and putting a document together? A detailed note should have been taken of the initial meeting. I am concerned about this but Mr. Long does not seem to be concerned.

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)

Peter Burke: Lazard, as adviser, was a party to the initial meeting. We are trying to assess what NAMA and Mr. Long's company were thinking at the time. Lazard put together a document on foot of the conversations that were held but it would be good practice and ensure that all parties were safeguarded to have detailed and clear minutes of the meeting, given that it had such a high profile and involved...

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)

Peter Burke: Mr. Long believes that it should have.

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)

Peter Burke: If Mr. Long was doing it all over again, surely he would agree that this would be good practice. That is a straightforward question. We are discussing putting adequate safeguards in place.

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)

Peter Burke: When Blackstone, Starwood and Oaktree were admitted, were any advised by NAMA as potential clients or was it done through Lazard?

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)

Peter Burke: Were those three suggested by 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)

Peter Burke: The source was Mr. Long's company.

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)

Peter Burke: And then they were discussed.

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)

Peter Burke: We have seen the matrix in terms of due diligence and financing in respect of particular bidders. How does Lazard assess a client that is capable of purchasing a major portfolio? What does Lazard ask it to prove in terms of funding arrangements? For what documentation does it generally ask?

Written Answers — Department of Justice and Equality: Direct Provision Data (22 Nov 2016)

Peter Burke: 117. To ask the Minister for Justice and Equality if she will provide information on a direct provision centre (details supplied); and if she will make a statement on the matter. [35744/16]

Written Answers — Department of Social Protection: Social Welfare Appeals Status (22 Nov 2016)

Peter Burke: 291. To ask the Minister for Social Protection if he will expedite a review or appeal for a person (details supplied). [36077/16]

Written Answers — Department of Health: National Lottery Funding Applications (22 Nov 2016)

Peter Burke: 433. To ask the Minister for Health when the grant under the national lottery grant scheme which was awarded to an organisation (details supplied) on 27 July 2016 will be paid. [36066/16]