Results 5,381-5,400 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) (24 Nov 2016)
Marc MacSharry: I know. That is the process. Why did NAMA seek loan valuations-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: -----for something which Mr. McDonagh said in other testimony was a better quality portfolio?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Why did NAMA value it and not value the Project Eagle loans?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Yes, but it is true to say 46% of the security assets did not have recent valuations and the loan valuations were NAMA's internal ones.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: That is the-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: I am right. There was no external valuation of the loans.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: That is grand. That is that answered. There were up to date valuations on 54% of the underlying security. The data room had valuations from 2009 rather than 2013. Is that-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Were the 2013 valuations higher than the 2009 valuations in the underlying security?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: They were much lower.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Fortress wrote to us. Is the document available? It mentioned under a subheading the rationale for making a bid below the reserve price. It highlighted that an unconditional bid process was required. Fortress also spoke of the quality and completeness of the diligence information available to it. This implies to me it influenced its reasons for going in below the reserve price and seems...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: On Brown Rudnick and Tughans, does Mr. McDonagh know what information came from PIMCO to Cerberus through them?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: He also said the information it had was extremely valuable.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: He was still happy to pay 1.1%.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Yes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Is Mr. McDonagh aware of any attempt by anybody to gather debtor information, such as how much they could pay and when they could pay it, in advance of the sale?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: When Brown Rudnick and Tughans moved to Cerberus, did NAMA seek to see letters of release from PIMCO?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Did it happen?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Therefore, the same firm of good international standing was partial to a fee split with PIMCO and a week later it was working for a different company. Was there not concern in NAMA that there might be money changing hands?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: Cerberus told the committee that Brown Rudnick had told it in April 2015 about the Northern Ireland Law Society investigation into Tughans. I know that NAMA told the committee in July 2015 that the first time it was aware of this was when Deputy Mick Wallace had mentioned it in the Dáil in July 2015. If Brown Rudnick had told Cerberus in April 2015, was NAMA not available in April 2015?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Marc MacSharry: In respect of the meeting of the Northern Ireland Advisory Committee on 7 October 2013 and the note referred to by Deputy David Cullinane, there was a discussion about strategy and a discount. As I am not sure if Mr. McDonagh was at the meeting, Mr. Daly would probably be the best person to answer this question.