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Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: For an asset, yes.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: If X number of valuations were provided, did CBRE determine whether it was correct or incorrect by a percentage, or did its valuation overprice an asset or underprice an asset by comparison with what it actually traded at?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Is it correct that CBRE did not have sight of the final price paid by the client?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Is Ms Hunt's firm currently retained by NAMA for works?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Does the firm work for NAMA?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Could I ask Ms Hunt for her view on the private equity firms in Ireland that are trading at the moment? Are they a good thing or a bad thing?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Ms Hunt is quoted in an article in the Financial Timesentitled “Buyout group picks up Irish bargains”.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Is she aware of the article?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: It was in November 2012. Are the bargains associated with the assets in question optimal or suboptimal in relation to the sale by NAMA to the private equity funds?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Are the bargains giveaways to the firms?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Time is very limited. I believe Ms Hunt has stressed that already. Could I ask her for her opinion-----

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: The view of Dr. Peter Bacon in previous evidence was that NAMA had not acted as a professional property investment company but more like a debt collection agency. Could I ask Ms Hunt for her view on that considering that she conducts substantial market research?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: What is the likely outcome of the activity of those new investors and private equity firms? Are they here for the long haul or short haul?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: And the short-haul investors?

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: For the bargains.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Ms Hunt was very critical of the change in the upward-only rent reviews. She denounced them. In February 2010, it was stated:According to Marie Hunt, Director of Research at CB Richard Ellis, “This has come as a huge surprise to the industry. We understood that the Government had decided not to implement this measure. While no one is disputing the fact that tenants in many sectors...

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Ms Hunt has chosen to leave out the benefit, the tax break, that was available for commercial property if it was sold before a certain period.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: I will just finish up.

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: The tax break was in the same budget and was in respect of -----

Committee of Inquiry into the Banking Crisis: Context Phase (2 Apr 2015)

Michael D'Arcy: Was that not a contributing factor also?

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