Results 421-440 of 32,837 for speaker:Catherine Connolly

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

Catherine Connolly: Am I correct when I say that between the board meeting in December and January, NAMA had come to the conclusion that this whole sale process should be completed by the end of January, that it should be opened up to at least two or three other bidders?

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

Catherine Connolly: What did the board decide?

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

Catherine Connolly: To be clear, am I correct that prior to that PIMCO had already been involved for a number of months with NAMA?

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

Catherine Connolly: PIMCO was in from November and had an advantage before the process started in January with the appointment of Lazard. Is that correct?

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

Catherine Connolly: They had a headstart. In respect of Lazard, what fee was paid to Lazard?

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

Catherine Connolly: Did Lazard become involved in January 2014?

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

Catherine Connolly: Will Mr. McCarthy tell us about the statement of assurance given by Lazard in respect of the sales process?

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

Catherine Connolly: Is that the information that was made available to Lazard?

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

Catherine Connolly: Chairman, I am coming to a conclusion. I have two matters. Lazard was never informed that PIMCO had withdrawn because of a success fee arrangement between three individuals.

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

Catherine Connolly: Lazard continued with a process with two bidders after PIMCO withdrew, without being informed why PIMCO had withdrawn?

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

Catherine Connolly: The advisers to PIMCO, the solicitors from London and Belfast then moved on to Cerberus Capital Management. Is that correct?

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

Catherine Connolly: Cerberus Capital Management was one of two bidders who remained?

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

Catherine Connolly: Finally, a number of bidders has been mentioned. NAMA stated there was no interest in the market. I looked at the process. Lazard approached three bidders when the process opened, one of which came forward. Is that correct?

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

Catherine Connolly: Subsequently three more bidders were approached-----

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

Catherine Connolly: -----and two came on board. Two were interested.

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

Catherine Connolly: Subsequently in February when there was a leak in the newspapers about the sale of Project Eagle, Lazard was told by the board of NAMA to go back and see if there were any more credible investors.

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

Catherine Connolly: Of the ten, only two were allowed and the other eight were disregarded. Am I correct when I state that the report of the Comptroller and Auditor General states that it was not that there was not an interest in the market, it was because of the process, which was so limited, time based, focused and access to data was limited and that a lot of these credible investors could not get a chance to...

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

Catherine Connolly: -----and that one in particular, PIMCO had an advantage. One firm made a statement that PIMCO has been in this already, has a great advantage and we will be at a disadvantage and we will not take part. Is that correct?

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

Catherine Connolly: I have a number of questions and I realise we are all getting tired. Táimid tuirseach traochta. To put this in context, for what amount was the Northern portfolio acquired?

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

Catherine Connolly: Sterling.