Results 21,101-21,120 of 28,162 for speaker:Catherine Murphy

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Mr. Mulcahy describes it as a superb deal. If that was the benchmark for all NAMA’s deals, the so-called profit - I say so-called because when one looks at the par value, it is not a profit - and if it had been applied to other deals, the profit that NAMA talked about making would have been a substantial loss. The 55 top loans were valued some time earlier. Would that not have...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Mr. Mulcahy is talking about Northern Ireland assets but 50% of those assets were not located in Northern Ireland.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Yes, exactly.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Ms Finan is in the unique position of having two dimensions to her role in that she was on the Northern Ireland board and the board of NAMA. Ms Finan seems to recall that the discussion of the PIMCO bid and the Project Eagle portfolio occurred in the latter part of 2013 but according to the minutes she appears to have been at the meetings. That seems to conflict with the recollections of...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Can Ms Finan recall the nature of the discussion?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: When Mr. Rowntree appeared before the committee he talked about the work that was done in the University of Ulster, particularly on the residential side. There was an expectation that the Northern Ireland portfolio would be worked through and it was a big surprise when there was a change in approach. That appears to have been known by Mr. Rowntree, or it appears to have been discussed,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Obviously the discussion at the NAMA board would have happened much earlier than that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Would the witness have been aware that a bid was being made by PIMCO and that these loans were being bundled into Project Eagle in advance of the board meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: This was a change in approach. NAMA had deviated from the approach it has taken up to then. Would this not have jumped out at the witness?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Were any contrarian views expressed at the board as to whether this was a good idea and whether it would maximise the return?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: What does the witness remember about this one?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: It is obvious that Cerberus is quite careful with money, particularly in light of the £2.8 million in dispute, which the Comptroller and Auditor General has identified as approximately 20% of the £15 million paid to Brown Rudnick when Cerberus already had other advisers. That is evident and I presume Mr. Neporent would accept this. It is almost a rhetorical question. I will move...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Cerberus knew that PIMCO had exited the process and it would have known that PIMCO had experts available to it, of which one was Brown Rudnick. In his opening statement, Mr. Neporent mentioned Brown Rudnick offering its services to another bidder so Brown Rudnick obviously knew there was another bidder to whom it could go if Cerberus did not take its services. Would this have been a piece...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: If it knew there was another bidder to whom it could offer its services it could presumably name that bidder. Did it do that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Brown Rudnick would have had sight of the data room. I accept that there was a non-disclosure agreement but it is very difficult to forget what one has seen. The detail from the data room cannot be disclosed but it would be useful to know what direction to take to look at something and some things might not be precluded by a non-disclosure agreement. Cerberus was told that it could see a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Was the time available adequate for this or too short?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Cerberus is a very large firm and would have had to bring in a range of experts, which is a big commitment if there was the prospect of not winning.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Catherine Murphy: Did Cerberus engage Brown Rudnick before or after the other experts?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 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) (17 Nov 2016)

Catherine Murphy: Mr. Neporent answered Deputy MacSharry's question about the release from guarantees. He asked if all 55 were released and Mr. Neporent said that was not the case. Can he tell us what percentage were released from guarantee?