Results 5,941-5,960 of 19,173 for speaker:Shane Ross
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Correct.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: PIMCO then withdrew-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: -----because of this extraordinary incident and NAMA was left with two. Had PIMCO made a bid at that stage?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: It had made an indicative bid.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: PIMCO pulled out. One third of NAMA's bidders were gone.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: NAMA went ahead all the same.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Even though three was the optimum number.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Yes, but the third withdrew for unusual reasons,-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: -----not commercial ones.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: In the middle of the biggest property portfolio deal NAMA had ever done, involving the whole Northern Ireland portfolio, there was a massive cock-up. One third of the bidders had gone and NAMA just ploughed ahead. Surely the solution would have been to ask Lazards to get another bidder because the process had been fractured and damaged by the withdrawal of the person in question. Is that...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: It was not the optimum or best possible scenario for NAMA when one of the bidders had left the process, resulting in the disappearance of one of the pillars of the project.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: What was the difference between the two remaining bids?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: What were the two bids?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: If I could move on, did it seem peculiar to NAMA that Brown Rudnick and Tughans were apparently involved in both bids?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: I accept that. What I am trying to ask is this. Here we have a massive global transaction, one of the biggest deals ever done in the world of property, I suspect, involving some 850 properties in a bulk sale, and, by complete coincidence, two of the principal bidders are using Brown Rudnick and, by an equally odd coincidence, they are both using Tughans in Belfast. Did NAMA's antennae not...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Was Tughans acting simultaneously for both bidders?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Who was acting for Cerberus prior to that?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: I will move on to Frank Cushnahan and the board. How is the board of the Northern Ireland advisory committee selected?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: They were nominated by the Northern Ireland Minister.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Shane Ross: Mr. Daly should understand it.