Results 21,941-21,960 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: It is point 5.32.
- 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 came from Cerberus.
- 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 allow Deputy Cullinane one minute only. I am coming in with a few questions.
- 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 the Deputy goes beyond five minutes, I will stop him because there are other questions to be put.
- 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 move as quickly as possible. On page 66 of the report, paragraph 4.10 deals with the fact that PIMCO was in the field and that NAMA would approach at least two more international investors. That is correct, is it not?
- 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 states, the paper "on 8 January 2014 proposed a plan that involved the immediate appointment of loan sale advisors who would approach at least two major international investors". It was a very limited number. That is the only point I am making. It was not a very broad process. It was quite restricted. Is that 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: PIMCO was there, plus at least two more but it was not very broad. I am merely making the point that was not broad-ranging
- 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 know that, but you started with just two. If you had got two good ones who stayed in the field, you would not have had to go to further phases. I want to bring you on to paragraph 4.12, which states:In parallel with this, it was agreed that PIMCO would be permitted to complete their due diligence on the 'tail' of the portfolio, and finalise their bid, ... . Was PIMCO in a parallel...
- 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: Already.
- 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: Yes. They were there before Lazard.
- 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: Who was the handler then? If Lazard were the handlers for the other potential bidders, who was the handler for PIMCO?
- 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 tell me.
- 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: All I want to know, because you speak about them, is that one could possibly read it. I just want NAMA to clarify that PIMCO went through the same process as everybody else once Lazard came on board.
- 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 talk about PIMCO. You only mention PIMCO being allowed due diligence on the tail of the portfolio. Were the others allowed due diligence on 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: If they were going to be treated like everyone else, they would have access. You did not need to give them 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: Did PIMCO essentially start a new agreement for the data room once Lazard came on?
- 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 other words, there was a slight difference. PIMCO's agreement in relation to the data room predated Lazard's appointment as the sales agent.
- 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 PIMCO's previous NDA cover it 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: That is exactly what I am saying. PIMCO did not have to sign a new NDA.
- 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. They were already in the process.