Results 21,861-21,880 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: If M. Stewart is comfortable doing so he may read it into the record.

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: Can Mr. Stewart slow down so that members can absorb the letter?

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 take copies of that. Thank you.

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 run through a few topics before we move to Deputy David Cullinane. Dealing with the overall loss on the Northern Ireland portfolio, there is a document from NAMA, PAC R167B, which deals with the NAMA audit committee meeting on 1 May 2014. The document, from around the time of completion of the sale, states: “Based on preliminary calculations, it is anticipated that the loss...

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 has said that, and the Comptroller and Auditor General, in his statement, agrees. That is all I want to say about it. There is so much confusion about figures, but there is agreement on that figure anyway. That is a statement of fact that the committee can put to bed at this stage. The next issue I want to mention is the issue of the discount. I will not dwell on this too...

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. Does Mr. McDonagh get my 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: He was not adamant; he qualified the statement by saying "had [it] been applied". He is not saying that it was not applied, but he is not saying it was.

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 understand, and I think we have dealt with the issue. Part of our coming to the end of the process of these public hearings is perhaps to draw some of those issues together. I now want to refer to page 111 of the Comptroller and Auditor General's report. I will lay out the scenario as I see it and will ask Mr. McDonagh to convince me otherwise. I have not made up my mind yet, but...

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: Does NAMA not believe it?

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 had trouble in understanding it.

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: Does Mr. McDonagh reject that remark?

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 dismissing it, even though they did say it.

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: Have we seen that PIMCO letter? No, we have not received a copy of it, but we have asked for a copy. There is some information we have been seeking, but we are not getting it.

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: No, I want to establish what could have been known from the information which was publicly available.

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 in agreement with Mr. McDonagh on that point. Did no one ask the question: "Who was talking to somebody with knowledge of the debtors?"

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: Given that Mr. McDonagh has dismissed what PIMCO stated, how does he think it arrived at that figure which was bang on the button? It was not part of NAMA's sales strategy, yet somebody was able to come with a figure that NAMA ultimately accepted as the reserve price? I hope Mr. McDonagh understands how we are looking at it.

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 was PIMCO's original offer?

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 was its initial offer?

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: Lazard is correct - PIMCO had a big advantage.

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 have a second question for McDonagh, but I wish to put a question to Mr. Daly first. Mr. Daly is chairman of the Northern Ireland advisory committee, NIAC, which has made it clear that the people who signed their declarations handed them to Mr. Daly in person. We have not had sight of these declarations. Today we received a letter from the NIAC quoting data protection legislation in...