Results 21,841-21,860 of 34,777 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: 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%.

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...