Results 461-480 of 32,832 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: It was acknowledged earlier that PIMCO was in the race early. In fact, it was in the race from very early in 2013, meeting Northern politicians. Was Mr. McCarthy aware of that going back to March or April, well before the unsolicited connection was made 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: With regard to the experts that came forward, is it correct that there were four of 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)
Catherine Connolly: One of them was Lazard, the advisers to PIMCO.
- 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: Was Cushman & Wakefield advisers to PIMCO when it came forward and gave an expert opinion?
- 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: It was adviser to one of the bigger-----
- 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: That is two of the expert advisers brought forward by NAMA, but they were already conflicted.
- 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 Comptroller and Auditor General has already said he did not have a difficulty.
- 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, the Comptroller and Auditor General noted in his report that this was a strategy change. Is it correct that it was a fundamental change in policy, that they decided 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: In the context of the briefing notes, the minutes and what was on the website for the Northern Ireland advisory committee, it was repeatedly pointed out that Northern politicians did not want fire sales. Is it correct that NAMA reassured them continually that it was operating on a careful basis?
- 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: Then, suddenly, there was a change of policy. Would the Comptroller and Auditor General concur with my use of the word "suddenly"?
- 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: A fundamental change in policy?
- 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: Okay. There is evidence that they were selling off. By 2012, they had sold €100 million worth of property. So there was movement in the market.
- 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: On page 70 of the Comptroller and Auditor General's report, there is an extract from European Real Estate Loan Sales Market, February 2014. It speaks of the market going up. Is it correct that it speaks of there being more interest at the time from investors in smaller packages?
- 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: So that is a positive report with regard to the market changing.
- 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: On that point, on page 133 of the report of the Comptroller and Auditor General - this is a reproduction of page 3 of the proceedings of the NAMA board meeting held on 10 October - there is an acknowledgement from PIMCO to the effect that "the NI economy has "bottomed out"".
- 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 go on to say that they "wanted exposure to capitalise on future growth/recovery". Therefore, they were anticipating future growth and recovery. Is it correct that they were anticipating selling off what they bought?
- 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 it correct that they were anticipating selling off that relatively quickly?
- 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 make a profit?
- 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: That goes totally against all I read here in the briefing documents that there would be no fire sale and they would look in terms of suiting the Northern economy. They also acknowledge that two thirds of the debtors were working with them. There was a comment here, referring to NAMA, that the debtors were not working with them but in the briefing documents, they acknowledge that the...
- 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: We have that and then we have this extraordinary decision to change policy and sell-off assets in a portfolio and at a probable loss to the taxpayer of €190 million. The latter was in addition to all the other losses that the taxpayer incurred.