Results 22,001-22,020 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: 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.
- 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 the point. Of the others coming, some said they felt PIMCO had an advantage. That is the first practical examination. They did not have to sign an NDA when Lazard was appointed because of their previous involvement. They were already in there. That is the first practical example I have seen of an 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: Is there any difference in the NDA legal agreement that PIMCO had some time much earlier and the one that the new entrants signed subsequently?
- 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 not required to sign the same one as everyone else then.
- 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 extra was in the others' NDA that was not in PIMCO's?
- 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 is the subtle difference between the external advice?
- 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: Pardon?
- 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, PIMCO, during this process, was not obliged to notify NAMA of its external-----
- 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: But not every one of PIMCO's advisers required access to the data room.
- 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. We have a point of difference, at long last. Mr. Stewart has denied there is a difference. I am just trying to get to the end of this. I am now seeing for the first time that PIMCO had a different NDA agreement from the other bidders in relation to access to the data room and it did not have the requirement to notify NAMA of all its advisers, as the others had.
- 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 the interests of fairness to the bidding process, why would NAMA not ask them all to sign the same type of NDA? Why was NAMA giving preference to PIMCO? They already had a foot in the door, is what NAMA is telling me. They are confirming 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. Stewart gets the point. Why did NAMA not put them through the same hoops as the other people to sign an NDA? NAMA said PIMCO had already a foot in the data room and it is 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: It is clear people did not always notify NAMA of all the advisers. NAMA presumed it knew. There was no obligation on them to notify NAMA prior to this of their advisers.