Results 21,801-21,820 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: That is essentially the difference. Some people get lost on this. I will come to Mr. McDonagh in a minute on this exact topic. In Mr. McDonagh's opening statement, he talks about reliance on the rate of 5.5%. I would like Mr. McCarthy to comment and then I will come back to NAMA. The last sentence in page 4 of Mr. McDonagh's statement reads: "It was important that flexibility should be...
- 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: Two scenarios were generated. I am using NAMA's own words.
- 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 saw two scenarios.
- 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: And Mr. McCarthy did not see-----
- 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: He did not see 10%, or it was not made clear.
- 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: As an alternative scenario, as listed in the statement in bold.
- 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 want to conclude with Mr. Seamus McCarthy. I call Deputy David Cullinane.
- 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: Has Deputy Connolly a question for the Comptroller and Auditor General?
- 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 finished with Mr. McCarthy's contribution for this session but if there are any other clarifications sought from him, members can take a note of them and put them to him after the short break later in the afternoon. However, I do not want to bring him in again now. Mr. Frank Daly and Mr. McDonagh have indicated they wish to contribute. They might wish to comment on something that...
- 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: Based on what Mr. McDonagh said in his opening remark, did NAMA present alternative NPV scenarios generated using alternative discount rates? We have been asking for sight of them but we have not seen them.
- 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: You might say that again, because it is important for us to hear it at this stage.
- 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: Mr. McDonagh went half-way to where I thought he was going to go. He said there was a discussion of the 10% discount rate in the board meeting, and in hindsight he thinks it would have been better had it been recorded. That is part of the story. The issue is the documentation presented to the board meeting. I refer, in particular, to page 144, appendix C, of the report which refers to...
- 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 might not have.
- 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. Just to be clear, one would have thought that the board would have said that it had seen the scenario of 5.5% and 2.5% NPV work-outs. Mr. McDonagh said the board members said a 10% rate, or higher, was closer to the mark of where things were. The logical thing was to ask someone to work out the figures. The board appears to have made some decisions. We have been told it made a...
- 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: Correct.
- 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: Some €100 million.
- 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. This has been an important issue, even though some people might be quite bored by it. The documentation Mr. McDonagh provided to the committee uses the phrase "the discussion on the 10%" because it was implicit in the discussion that the people on board all had financial expertise and knew about the higher rate. The committee is saying that he is not able to demonstrate to us that...
- 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 refer to the documentation, not just the minutes.
- 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 have laboured the point. I had to go through that.
- 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: That has been clarified.