Results 10,081-10,100 of 10,936 for speaker:Matt Carthy
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: I thank Mr. McDonagh and our other guests from NAMA. I am new to this committee and it is the first time I have dealt with a file of this nature. As such I would like to get "Yes" or "No" answers to my questions for my understanding of the situation with Project Nantes. The witnesses may tell me if I am wrong on any account. The first premise is essentially that NAMA is suggesting the...
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: What we know about Quinlan Private is that senior people in that company essentially set up a new company to manage their debt called Avestus.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: It was essentially the same people.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Avestus is then retained by NAMA to manage Quinlan Private loans but NAMA did not designate it as a NAMA debtor.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: NAMA did not put any arrangements with Avestus in writing.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Then Avestus is privy to the target price that NAMA set out.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Am I correct in saying that throughout this process NAMA was unaware that a director in Avestus was also a director in Clairvue?
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: No, but he was a director in-----
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: -----the company that was managing on behalf of NAMA but also in the company that eventually purchased the-----
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Overall, in terms of this portfolio, the Comptroller and Auditor General has suggested that there was an undervaluation to the tune of approximately €29 million. Then we have a situation where, on the valuation NAMA had placed on the file and very conveniently with the Project Nantes portfolio, Clairvue offers, through a non-competitive process, essentially the gap NAMA needed to...
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: At the same time, however, it is fair to say that most people did not know that this portfolio was even on the market. Thus there was a situation where a company that had an interest in purchasing this portfolio had, as a director, someone who was aware that NAMA had a target price to achieve and that company, very conveniently, valued that portfolio at almost the exact amount NAMA needed to...
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Okay.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Does Mr. McDonagh think it might be conceivable that person might have been in negotiations with that company in respect of whether they might take up employment or a directorship prior to that?
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: These are the facts as we know them. The Comptroller and Auditor General has suggested that the overall portfolio was undervalued to the tune of €29 million. There has been a suggestion that on the Nantes project a loss was incurred by the taxpayers in Ireland of €10 million. Mr. McDonagh is suggesting that it has only been €3.5 million. All of these things are...
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Would it have been better if somebody in NAMA had done a little bit of research to find out whether somebody was playing on both football teams at once?
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: Can Mr. McDonagh be sure that it will not happen again?
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: I want to return to this notion that the director of Avestus was handling the sale on behalf of NAMA or was, at least, advising it and was also a director of Clairvue which was the ultimate purchaser. There are two subsections to my question. The reason we know or became aware of this was that a former Deputy, Mr. Mick Wallace, informed the House of that information. Was NAMA aware of that...
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: I get that.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: He had the pertinent information from NAMA.
- Public Accounts Committee: Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019 (8 Oct 2020) Matt Carthy: He may have. I cannot say he had or had not because his colleagues may or may not have told him. I do not know. I cannot speculate on that.