Results 21,881-21,900 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: I have said 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: From Mr. Daly's point of view, did a suspicion ever enter his mind when the offer for the Northern Ireland portfolio was received that it was possible that a number of the board members would not have been aware of the declaration made by Mr. Cushnahan of which Mr. Daly would have been aware, but some of them were so aware because they were members of the NIAC and it had been recorded in the...

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 accept 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: The Comptroller and Auditor General has to know.

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: For years we have seen media reports on people's levels of debt to NAMA. The five individuals accounted for more than 50% of the Northern Ireland portfolio. Mr. Daly had to know that Mr. Cushnahan was dealing outside the NIAC with these 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: Specific discussion.

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: So Mr. Daly is telling-----

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 understand 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: Mr. Daly said something that prompts a further question. He said Mr. Cushnahan made these declarations. NAMA now knows - and it might have known or probably could have worked out at the time that he was making those declarations - that he was a consultant to several debtors of over 50%. Mr. Daly is now saying NAMA never pursued his level of involvement, knowledge or dealing. NAMA just...

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: Did NAMA ever pursue 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: Okay. I know Mr. Daly is saying that he did not influence the NIAC because it was not a decision-making body and we accept all that. Strangely, would Mr. Daly think at this stage he had a role in Tughans and Brown Rudnick and dealing with PIMCO to get the bid together, in retrospect?

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 not talking about success fees.

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: April.

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: Fine. I am going to put a strange remark to Mr. Daly that nobody came with this bit of reverse logic. At the end of the day the board accepted the £1.3 billion offer from Cerberus. NAMA was happy with the £1.3 billion and accepted it. Is that 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: Does NAMA have Frank Cushnahan to thank for 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 know the question I put is probably a question that people have not thought about too much, but I like to look at every angle. Mr. Daly is now saying that if what PIMCO was saying was right, Mr. Cushnahan was involved in the genesis of the PIMCO bid. PIMCO came in with £1.3 billion and NAMA set that ultimately as its minimum price and it got the £1.3 billion.

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. Daly gets the point. He actually commenced the process that led to the sale.

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, but does Mr. Daly get the connection?

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 would not expect Mr. Daly to give him credit for it, but he can see there is an actual connection, strange as it is, between Mr. Cushnahan's initial involvement and the think being offered ultimately for sale. I will move on from that. Page 158 of the Comptroller and Auditor General's report refers to the famous phone calls. I will not get into these phone calls. I want to pick out...

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: Therefore, NAMA was aware that it was an individual. While it might not be easy to bring this up on the screen, among the documents NAMA sent to us was a letter dated 23 July 2015 from Mr. Daly to Martin McGuinness in his constituency office in Cookstown, County Tyrone. It is part of a bundle of documents NAMA submitted to us. I will read the paragraph which I find a bit unusual....