Results 1,001-1,020 of 4,350 for speaker:Bobby Aylward

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Did Mr. Collison wonder how it got the information?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: PIMCO sought a closed deal. That is the way it approached NAMA first but NAMA, in its wisdom, wanted an open-market deal. How did PIMCO respond? Did NAMA explain matters to PIMCO even though the latter had sought a closed deal with only itself involved and no-one else?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Was PIMCO happy to proceed with the sale on the open market?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Did NAMA ask PIMCO had it a relationship with Brown Rudnick at that stage? Who made the initial approach and when?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Did Brown Rudnick make the first approach to NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: This paper also states that PIMCO liked the value proposition and that they believed the secondary markets offer good opportunities for further investors at great value. What did PIMCO mean by the term "value proposition"? How would it know the value of the portfolio? Did the Executive disclose the value when it met PIMCO?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: If NAMA's policy was to have an open-market loan sale, why did asset recovery propose to give PIMCO a head start by granting it access to information in order to carry out due diligence? This is an important aspect.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Why did asset recovery recommend a loan sale for NAMA at that point?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Would it not have made common sense at that stage?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: What were the other options available? What about selling large assets separately, as happened with Project Arrow? NAMA had set a precedent with Project Arrow. Why not put forward such consideration at this stage? Did the board ask questions about the matter?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Does Mr. Collison mean NAMA was pressurised or that it deemed it better to sell off the assets as quickly as possible?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: The October paper noted that NAMA would only sell loans by way of open competition. Yet the December paper sought the board's guidance on whether to do a closed transaction with PIMCO. Why did NAMA change its stance on asset recovery?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: There were two months between the position in October, which was open competition and having sought the guidance of the board in December-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: PIMCO's indicative bid for the top 55 properties, which were the cash ones was €950 million, which was higher than the €890 million that NAMA expected to sell the loans for. Will Mr. Collison explain this figure as it suggests that NAMA's projected disposal values were too low?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: It was €59 million of a difference.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Did Mr. Collison not think at that stage that it would have been a good idea to get a valuation of the properties?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Section 2 of the paper sets out the challenges of an open market process and the advantages of a closed transaction. A number of risks of a closed sale are also set out in paragraph 142. The paper states that in summary while it would be possible to openly market the loans, the scale of the project would mean careful planning, budget management and execution. This suggests that assets...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: Yes, it is the second last paragraph on page 142. It states that in summary, while it would be possible to openly market the loans, the scale of the project would mean careful planning, budget management and execution.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: NAMA did not seek current property valuations for all its property and consequently had no estimates of what an investor might pay for the portfolio. The only guide to what a bidder might pay was the PIMCO bid. On what basis did the paper recommend a minimum of €1.3 billion?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Bobby Aylward: I will come to Mr. Rooney.