Results 21,981-22,000 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: Out of fairness to Mr. Ronnie Hanna, I will read the letter into the record because we have had extracts without the full explanation of Mr. Hanna's position as to why he is not here. The conversation over the past minute has not fairly represented that and, therefore, I will 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: Of course there is. It was not mentioned and it is unfair to selectively quote from a letter on a serious matter like this without giving the full context. As such, I am now reading to the committee the letter dated 18 November 2016 from Mr. Ronnie Hanna to Mr. Lenihan, the clerk of the Committee of Public Accounts, Leinster House, Dublin 2:Re C&AG's Special Report No. 94 - National...

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 information was provided to us. Lazard did not give full consent 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: -----its publication. Therefore, I believe we have it but we have been asked not to publish 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 does Mr. Collison mean by 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: We have a document dated 14 February 2014 from Lazard. There is a reminder on confidentiality and it refers to an electronic data room, etc. Is that the document?

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 think that is not the document.

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 ask the Comptroller and Auditor General to contribute at the end of the meeting.

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.