Results 1,281-1,300 of 32,837 for speaker:Catherine Connolly

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Lazard will come in before us next week or the week after. Can Mr. McCarthy comment on the limited information available to Lazard? He has made a comment on it in his report. NAMA got the assurance from Lazard and that has been used as reassurance by NAMA that everything was right.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Can Mr. McCarthy comment on whether Lazard should have been told about it? Is that within his remit?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I remember reading about Mr. McCarthy's concerns that the market was not great in Northern Ireland and there were bad assets. I have the minutes here of one of the advisory committee's meetings on 7 October and it points out that the market was picking up.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: That is clarified in the Comptroller and Auditor General's report as well.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Is that because in its view, the market was picking up?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: The other key issue is that there were no valuations.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I started to read from page 5 of the minutes of the Northern Ireland advisory committee meeting on 7 October 2013, which states "Positively, rent and yield forecasts across the commercial property sector are predominantly stabilising or strengthening". There were indications all over that it was picking up. I will finish because I see the Chairman looking at me.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Was it in England, Ireland and Germany?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: In the interest of clarity, this is the first time in my eight months here where the Comptroller and Auditor General is standing over his report yet the body on which the report has been done is not accepting it. Is that fair? Every time we have been in here, Mr. McCarthy has highlighted concerns or made recommendations and the organisation in question, generally speaking, has said "We...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I thank Mr. McCarthy.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I thank the three witnesses. For the people who are watching and listening I wish to state that none of this debate is theoretical but it has to do with trust and belief in a system. Is that right?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I ask each witness that comes before this committee the same question. Did they read the report?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Great. Ms Nolan has pointed out today that she is delighted with the clarification that the Comptroller and Auditor General is making no comment on the commercial decision.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: That was clearly stated in his report on page 11, paragraph 18, where it is written:NAMA has outlined the strategic and commercial rationale underpinning the decision to sell the loan portfolio. This report draws no conclusion about the merits of that decision.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I appreciate that it might have got lost but I am not sure where it could have got lost in the Comptroller and Auditor General's narrative. It was presented in the report and in the summary and he made no comment publicly. The narrative after that was written by NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: The narrative I am referring to is that of NAMA repeatedly in the press and in various public statements. That narrative related to the 5.5% rate predominantly and to the Comptroller and Auditor General's attachment to some type of accountancy fantasy. I used the right terminology this morning. The witness has appeared before the committee today and I welcome that as it is important....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: That is very good. The Department of Finance has no role in making a comment on the Comptroller and Auditor General's report.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: On the previous occasion the witness did discuss it with my colleagues.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: However, the witness had a very strong opinion in that regard.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I would be in that category too. The issue of the 5.5% rate is the one thing the witness has picked out further to questioning. That is the reason I asked if she had read the report. The report is not about the 5.5% rate.