Results 11,201-11,220 of 21,499 for speaker:Mary Lou McDonald
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: With all due respect, it was significant enough in the minds of NAMA to commit it to paper. I will come to a final and related issue.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: I can only deal with the documents in front of me, as I am sure Ms Nolan can appreciate. Earlier, an issue was mentioned that has been of some comment. It relates to the appropriate discount rate applied to the portfolio. It is the position of the Department of Finance in this regard that NAMA was right and the Comptroller and Auditor General was wrong. We could get no evidence, bar...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: It was said earlier.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: No, I do not want a broader commentary. This is the discount rate on Project Eagle.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: That is very interesting. It is quite an assertion for the Department to say NAMA is right and the Comptroller and Auditor General is wrong on this issue. Has Ms Nolan other advice from experts or others relating to Project Eagle that would back that assertion? Is the Department simply going on a matter of opinion?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: On what basis did the Department arrive at that?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: What is the basis?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: Did the Department carry out an exercise on the portfolio in question?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: So the Department was not in a position-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: Sorry-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: So it was not in a position to be definitive on that matter?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: Ms Nolan was speaking on behalf of the Department of Finance and this is an Oireachtas committee.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: I am sure the witnesses observed, when they read the report, that there was no evidence documented or any compelling rationale from NAMA's point bar intuition and the fact it is apparently terribly clever. It landed on a higher discount rate than its established 5.5% rate.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: That is from a buyer's perspective-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: And from a seller's perspective-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: When it suits, apparently.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: One is a constitutional office.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: As a matter of fact, to keep ourselves on the strait and narrow, when the Comptroller and Auditor General carried out the audit in 2014, it noted that NAMA had incurred a large loss on the sale and that the process had been compressed. In addition, it had a concern about the circumstances surrounding PIMCO's withdrawal from the sale competition. The Minister is correct to say the report, as...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: Yes, I accept that. That is consequent to the report.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)
Mary Lou McDonald: That is why the report was necessary.