Results 9,601-9,620 of 34,832 for speaker:Seán Fleming
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Were Tughans advising PIMCO?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Who were working for PIMCO. Were they working for Cerberus?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: How do you mean "not at that time"?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Can your repeat that, because people were talking?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Who was advising Cerberus up to then?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Why did Cerberus change legal advisers?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Why would they have done that?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Was Mr. McDonagh satisfied that it was a valid reason?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Mr. McDonagh might summarise it in his own words.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: So there is a conflict of interest between Mr. Cushnahan and Tughans. They were involved with PIMCO. Is that correct?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I said between Mr. Cushnahan and Tughans.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: He was also involved in Tughans.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: NAMA removed PIMCO from the process by and large and then it dealt with Cerberus which re-engaged Tughans, the company that NAMA was concerned that Frank Cushnahan-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: In Mr. Daly's opening statement he said that the board meeting on 11 March 2014 "considered that the proposed fee arrangement could undermine the integrity of the sales process". It did undermine the integrity of the sale process, but NAMA proceeded. From what I have seen so far, that was the time to stop the process. NAMA started with nine interested parties and seven walked away.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I will come to the valid reasons. Perhaps the job lot NAMA was selling was too big. That is the fundamental problem with everything here. The big issue NAMA has to answer is why it put all that. I know it has a reason which we will tease out. Six walked away and we were down to three. One had a conflict of interest and then NAMA was down to two. How could it be as competitive with...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: What was the amount offered by the under-bidder?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Why did they come into that if NAMA had told them it had a reserve higher than that?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: We have established that NAMA put a reserve on this at-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: It had only one offer on the table above that.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Mr. McDonagh is now telling us that NAMA was in a competitive bidding situation. I ask him to think of those three points. NAMA had a reserve. It had only one offer above its minimum reserve and he is coming in here to tell us on behalf of the taxpayer that this was a competitive bidding situation. Who were they bidding competitively against above NAMA's reserve price? They were bidding...