Results 12,061-12,080 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) (25 Oct 2016)
Seán Fleming: Mr. Moriarty is saying it was not the entire process but the PIMCO process.
- 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)
Seán Fleming: Correct. Is Mr. Moriarty satisfied that the involvement of Frank Cushnahan resulted in PIMCO's bid being fatally flawed? Is that the essence of it? The witnesses are nodding their heads. We want to hear a "yes" on the record.
- 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)
Seán Fleming: I am not adjudicating. I am just setting out the board's position that Frank Cushnahan's involvement in the PIMCO bid resulted in the board's view that the PIMCO bid was fatally flawed. I think that is NAMA's position and they have no problem with it.
- 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)
Seán Fleming: I refer to page 94 of the report, which we spoke about earlier. The last sentence of 5.24 states: "NAMA considers that the integrity of the process was preserved by PIMCO's withdrawal." Paragraph 5.25 states:It is not clear how any other steps NAMA might take could have any relevance to the completion of the transaction, particularly given that Mr Cushnahan was no longer a member of the...
- 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)
Seán Fleming: No, Cerberus. Although the board considered the PIMCO bid was fatally flawed, the compliance unit did not think anything needed to be done. Those two positions are mutually contradictory. The compliance unit thought there was no big deal, however when it went to the board, the board said it was fatally flawed. It is a serious issue that renders something fatally flawed. If it does that,...
- 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)
Seán Fleming: I am just contrasting the two points.
- 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)
Seán Fleming: That is fine, and the board wanted to ensure that no such arrangement would continue with Cerberus.
- 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)
Seán Fleming: We have not seen it yet.
- 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)
Seán Fleming: Will Mr. Moriarty tell us what is in it because we do not have it on the screen?
- 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)
Seán Fleming: So the success fee was continuing with Brown Rudnick and Tughans-----
- 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)
Seán Fleming: -----minus the third party.
- 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)
Seán Fleming: Which NAMA essentially drafted for Cerberus.
- 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)
Seán Fleming: I think it did.
- 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)
Seán Fleming: When we mention the success fee, people have an issue with that. Somebody from NAMA said previously that success fees are not unusual in this line of business. Would they be unusual? Is Mr. Moriarty aware of success fees in any other of the bids in which NAMA has been involved?
- 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)
Seán Fleming: Unless the purchaser tells 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)
Seán Fleming: Does Mr. Moriarty have knowledge of similar success fees being paid in respect of people's dealings with 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)
Seán Fleming: This is the first time. Even though we are being told it is common, Mr. Moriarty has no evidence of that.
- 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)
Seán Fleming: Can the committee discount the statement from one of NAMA's directors that this is a common issue because Mr. Moriarty has no basis on which to back that up other than-----
- 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)
Seán Fleming: But the biggest property sales company in the world has never encountered it.
- 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)
Seán Fleming: NAMA has never encountered it.