Results 11,701-11,720 of 34,872 for speaker:Seán Fleming

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Does Mr. McEnery understand what I am saying?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: He is admitting that it did not work out.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: When PIMCO withdrew, were the other two bidders informed? Would they have known? We want to understand. I will not go into the detailed stuff. When PIMCO went off the pitch - I will not use the word "withdraw" - were the other two-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: If I as a potential bidder with only three others in the race was informed that the bidder in first place had withdrawn, I might feel that the competition was less competitive. We have been discussing a competitive process. We need to know whether the others were informed. Mr. McEnery will understand. If I were in a two-horse race and the other rider pulled out-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Mr. McEnery understands. I am amazed that we have not been given an answer to this before now. This was one of NAMA's first major loan sales. Is that correct? To date, it had been selling-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: This was a new departure. Mr. Ellingham is chairman of the risk committee. What documents did it draft regarding the potential risk of this new venture for NAMA? Did it make a report or was the question dealt with specifically?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: The witnesses might help us with that. If the information is accurate and sent to us within seven days, I am satisfied to accept it, but if it is not, we will be on NAMA like a tonne of bricks. Is that okay? NAMA's chairman, Mr. Daly, used a phrase at this committee. This process was unique, but he called it a "bespoke process". This tells me that, before NAMA set out on a process that...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: I am not talking about the detailed discussions. The board discussed the process every month, but Mr. Daly said that it was bespoke. He indicated that NAMA had designed a specific mechanism to deal with this process from the beginning. Did the board see it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Will the witnesses send us that document? We do not mind that it was not recorded at the board meeting, but presumably some paper had to come to the board that allowed it to discuss the matter. We look forward to receiving the document. My concern is that the process changed from month to month in terms of who was involved, who pulled out, three others being invited, two not showing and...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Not the board. Your committee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: We asked the question. If a significant risk is raised at board level first, it does not go to the risk committee at all. Surely Mr. Ellingham should have seen this significant risk and told the board that he would revert to it with the considered view of the risk committee, having taken advice from that committee's members as well as external advisers. Does Mr. Ellingham get me?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: I would go so far as to say that there is no point in having these lovely pages in NAMA's fancy report about all of its committees, including the risk management committee, if something gets referred to the board first and the committees have no involvement in the matter. Mr. Ellingham gets my point. I seek clarification of a couple of points in the opening statement. I will not repeat...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Between the two parties remaining, but did they know that it was a two rather than a three horse race? In fact, PIMCO had never made a bid.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Therefore, there were two bids, one of which was above the minimum price-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Let us be clear because this is the essence of the matter. There was one bid on the table which was above the minimum price. NAMA was clearly rejecting the bid made by Fortress because it did not make the minimum price.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Fine, but where was the competition? NAMA had one bid on the table which was above the minimum price. I do not see where there was competitive tension when there was only one bidder that had met NAMA's minimum price. I would accept it if there were two or three bidders, but, in reality, the bid made by Fortress had been discounted as not being a real bid because it had not reach the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: Two.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: By what percentage did it bid above the reserve price?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: By what percentage?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Seán Fleming: I can tell Mr. Ellingham. It was by less than 1%.