Results 7,101-7,120 of 28,162 for speaker:Catherine Murphy

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Did Lazard say that to other bidders? Did Lazard put other bidders or potential bidders off on the same basis?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: If Mr. Long could go back would he adopt a different approach to the Project Eagle sale and what would his relationship be like with NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: I thank Mr. Long.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Lazard took a risk but there was a bigger reward in terms of the way the process was set up. Lazard knew when it took on the process that PIMCO had already been in the process and there was a bid on the table that NAMA did not want to lose. The approach adopted was so long as PIMCO stayed at the table, the risk was very limited. What was the tone like when PIMCO withdrew? Did NAMA...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: What was the engagement with NAMA? Did Lazard discuss that matter with NAMA? Did Lazard ask the reason at that point? Was there a discussion?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Did Lazard try to talk PIMCO into remaining in the process? Did Lazard engage with it afterwards?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: What was the nature of the conversation?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Mr. Long has mentioned that others were then excluded from the process and others were interested in part of the portfolio.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Did that lead Mr. Long to think there was a prospect of a greater outcome if Project Eagle was broken into two or more parts?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Cerberus attended here last week and this was a new market for the company in the North and South. It did not give the impression, even though it was raised, that the project was politically sensitive. Is Mr. Long surprised by that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Cerberus told us that it wrote off a sizeable power value. As everyone will know, one never gets all the money back in a distressed situation. I shall return to this matter later. Did Lazard view 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) (22 Nov 2016)

Catherine Murphy: Did Mr. Long and his Lazard colleagues question whether NAMA had conducted its own valuations? Did they question how NAMA reached the reserve figure of €1.3 billion? Did Mr. Long and his colleagues satisfy themselves that when they invited people to make a bid that the £1.3 billion was a good reserve price but that more could be achieved?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: If Lazard was advising NAMA or anyone else on a sales process would it advise them to value individually what it was going to sell?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Does it surprise Mr. Long that it had not?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: In terms of the single process, obviously this is a big deal for anyone. A great deal of effort has to go in if someone is going to make a bid and people do not bid lightly. Does Mr. Long think the single sales process excluded people from the process who may well have been able to put together a bid, had there been a longer lead in and a dual process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: If people who potentially could bid are excluded one is not getting the maximum competitive attention.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: There was a lot of local engagement available to Mr. Cushnahan. He had represented many of those involved in the process. Someone putting together a bid will include the costs, for example, if €15 million is paid for advice that will be included in the cost of the bid. In its statement to us last week Cerberus said:Ultimately, Cerberus agreed to the fee on the basis that the services...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: I am making that assumption. Am I wrong?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Excuse me.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: I asked Cerberus last week to try to find out if there were other bidders in the process. I would have been very surprised if it had said anything. It would have been keen to find out what the competition was. The information available to Brown Rudnick by virtue of having been in the process before would on the face of it be quite valuable. Is that something that Mr. Long would see as...