Results 21,781-21,800 of 34,729 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) (24 Nov 2016)
Seán Fleming: NAMA accepts that it does not have a veto on the wording of a Comptroller and Auditor General report.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I will suspend.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Page 50.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I will ask the witnesses to think about my next question over the break, although they might not have an answer. Mr. Daly stated: "According to the Comptroller and Auditor General report, this loss could have been avoided". Could any other formulation of that sentence take some of the heat out of the debate? I will ask the Comptroller and Auditor General after the break whether he could...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: One issue.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Okay.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The point is well taken. It is one of the minor points that ultimately we will have to deal with, but it is not the fundamental point.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: We will adjourn for lunch for one hour. It is now 1.30 p.m. and we will resume at 2.30 p.m.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: We are back in public session. Before we move on to Deputy McDonald, who is the next listed speaker, we will deal with one or two items which the Comptroller and Auditor General was asked to clarify earlier.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The public, but not necessarily members of this committee, has the impression that NAMA sold the assets off and that the Comptroller and Auditor General is recommending that NAMA should have held them for the longer haul.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: This is what I want to clear up although I am quite clear on it. People believe NAMA got the price it got and that this was the outcome. There is a suggestion in the public mind, or at least out there in the ether, that the Comptroller and Auditor General is saying NAMA should have gone the other route. He was never making a recommendation on which route NAMA should take.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: What he was doing was saying that if NAMA took option A, which was to sell off the lot, or took option B, its own option, which was its original strategy, there would have been a different outcome based on the discount rate.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: There is a suggestion that somehow Mr. McCarthy was recommending that NAMA should have done something else.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It is important to state that. Some people believe he made that recommendation.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: In layman's English — I like to bring it back to layman's English — Mr. McCarthy was looking at the options within NAMA. He was not making a recommendation and was neutral as to which choice was made.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The Comptroller and Auditor General is neutral. NAMA had the option of selling, which it chose, and the option of working them out over a period.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: The difference in the figures is associated with the different discount rates on which the cashflow would be discounted, be it 5.5%, 10% or otherwise. That is where the difference comes in. Is that correct from a layman's point of view? Maybe it is not. I will let the Comptroller and Auditor General finish and then let in Deputy David Cullinane. Mr. McCarthy understands my question....
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Is my explanation reasonable or unreasonable?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I am just trying to inform the ordinary people on the street who zone out when they hear about this. I want to give it to them in simple English.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Using 5.5%.