Results 5,301-5,320 of 14,090 for speaker:Marc MacSharry
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I thank Mr. Mulcahy for the explanation of the definition of assets. I will ask the question again. Does Mr. Mulcahy think it would have been prudent to update a 2009 valuation for a 2013 disposal, regardless of whether it was bricks and mortar or a loan?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Let us say I went-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would Mr. Mulcahy think it prudent to have up to date valuations?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: It is not imprudent? That means prudent, then, does it not?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I gave a lot of time for clarification so I ask the Chairman to bear with me. I just want to stick to the point on valuations for a second. When NAMA was selling assets, for example, houses or pubs, is it not true to say that it got three valuations under Mr. Mulcahy's watch?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Is it not the case that when NAMA was selling assets - bricks and mortar or the underlying assets - it would ask for three valuations?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Let us say a house in Kiltyclogher is being sold for €50,000. Was it the practice that NAMA, before selling that, would seek three valuations?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: One would be enough for Mr. Mulcahy. Let us say there is just one valuation. My experience is different and that seemed to be confirmed by Mr. Brendan McDonagh when he appeared before this committee and said that I was aware of the process, and indeed I am. Let us just take it that one valuation was enough for Mr. Mulcahy. As a board member, albeit not on the loan sales side of the...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: In 2009. Is that not correct?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: No, I have not.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: No, I am not doing that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: We know exactly what we are talking about. If Mr. Mulcahy ever wants to have a career on this side of the room he probably has every chance of securing one, in terms of the diplomatic nature of his answers. What I am saying is-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: What I am is that the facts show, from the evidence we have heard so far, that this loan book was sold on the basis of 2009 valuations.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: We know that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Wrong?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I will just rephrase what I said-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I will just rephrase what I said. In the data room-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: In the data room that was provided to potential purchasers, or certainly to one of them, the parties were shown valuations of the underlying assets from 2009. We have already established that Lazard was not valuing the loans on this occasion - I do not know why it was paid all of the money it received - even though it did so for Tower, as the Comptroller and Auditor General has pointed out....
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I promise to conclude now. Why would the 2009 valuation of the underlying assets on the one hand and of the loan book on the other not have been updated in the context of the biggest transaction in the history of the State?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: There was an internal valuation.