Results 21,041-21,060 of 28,162 for speaker:Catherine Murphy

Joint Oireachtas Committee on Transport, Tourism and Sport: A Vision for Public Transport: Discussion (23 Nov 2016)

Catherine Murphy: Does that include radial routes?

Joint Oireachtas Committee on Transport, Tourism and Sport: A Vision for Public Transport: Discussion (23 Nov 2016)

Catherine Murphy: People could also travel to Cork and spend their money there.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: I thank the Chairman. The witness sees how tight the time is, so I would appreciate if his answers could be quite short as well as to the point. I think NAMA was described as the biggest property entity in the world at one point, so big firms would have been aware of it and NAMA would have been aware of the very big firms that are likely to buy the big portfolios. That would be true....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: These were firms that were capable. These four firms would have had the capacity because they have demonstrated capacity. Why not contact as many as possible that had the capacity? Why do one group and then go to the next group to see what was the interest? There was a difficulty anyway with the process in that it was going to be a single process rather a two-stage process that would be...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Yes. When PIMCO withdrew, did Mr. Long advise NAMA that the breakneck speed might not be a good idea and that it might be better to go back to the drawing board, given that it had lost the certainty?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: What was Mr. Long told about PIMCO's withdrawal and what did he tell the firms he talked to about it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: We have a single process that was being added to. Particular groups were dropping out and others were being added. It was rushed. In its letter, Fortress, and others, told us:Considerations taken into account by Fortress included the quality and completeness of the diligence information made available to Fortress; that the portfolio constituted a large exposure in a very small,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Which ones?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Did Mr. Long agree with the rationale? His expertise was to advise, in most cases, although he had much more limited criteria set out for him regarding the bid. If he had been setting out the process and wanted to get the greatest competitive tension into the process, would he have put the same range of constraints in place?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Which it subsequently did.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Fortress has told us it was aware of the constraints. Cerberus and any other company bidding would have been conscious of the constraints. They would have known it would have limited the competition for them. Might this have had an impact on the amount of money that was eventually paid for the portfolio?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: There was criticism about the process being closed. It seems to have been closed only for some. It was reopened for Fortress and Goldman Sachs after others had been told it was closed. It is hardly good business practice to have different criteria for different groups of people. Why was it the case? Who decided it? Did NAMA dictate it or did Mr. Long suggest it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Firm E was informed by Lazard that the process was closed after press coverage yet it was afterwards that Goldman Sachs and Fortress were allowed back in. Is that what happened Mr. Long? Were others told the process was closed after press coverage?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: It certainly would not build confidence for someone if one told them for tactical reasons rather than the reason-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Did Lazard say that to other bidders? Did Lazard put other bidders or potential bidders off on the same basis?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: If Mr. Long could go back would he adopt a different approach to the Project Eagle sale and what would his relationship be like with NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: I thank Mr. Long.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: Lazard took a risk but there was a bigger reward in terms of the way the process was set up. Lazard knew when it took on the process that PIMCO had already been in the process and there was a bid on the table that NAMA did not want to lose. The approach adopted was so long as PIMCO stayed at the table, the risk was very limited. What was the tone like when PIMCO withdrew? Did NAMA...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Murphy: What was the engagement with NAMA? Did Lazard discuss that matter with NAMA? Did Lazard ask the reason at that point? Was there a discussion?