Results 22,021-22,040 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: There was 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: Okay. Of the list of advisers - the only list we have seen is the list that Cerberus gave us today of its advisers - how many accessed 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: Yes.

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 can only talk about Cerberus advisers because to date it is the only company for which NAMA supplied us with its list of advisers. My question was, of all the Cerberus advisers, Linklaters, Deloitte, A&L Goodbody, Hatfield Philips, Lambert Smith Hampton, Ronald J. Bolger, Allsop, Lunson Mitchenall, Brodies LLP, New River and Nomura, in addition to Brown Rudnick, how many accessed 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: It is possible some of them would not have required access to the data.

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 is telling me PIMCO had a different NDA agreement in place. It did not require them to notify NAMA of all the advisers. Mr. Stewart is now saying that the agreement the others had required them to notify of all the advisers who had access to the data room only. It is clear from this letter from Cerberus that probably all the bidders or potential bidders had advisers who did 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: I will come to that. Can Mr. Stewart send us a written reply to this? Will he send us the full list of all the advisers of Fortress, Cerberus and PIMCO who had access to the data room? Mr. Stewart stated NAMA only really required to be notified of those who had access to the data.

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 why Cerberus is saying it did not need to notify NAMA, because they did not go into the data room on its behalf.

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. In other words, when Cerberus says it notifies us of the three technical breaches, and a breach is a breach whether it is technical or non-technical, the biggest breach was it never told NAMA about the appointment of these people in the first place. NAMA only heard that on 3 April. In fact, there was one major breach. They never told NAMA about them. Now they are giving three...

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: Brown Rudnick. In case the message went out today there were only three technical breaches, the biggest breach was not telling NAMA about them in the first place. I want to move on to the next paragraph. I am sorry about this. This will take a few minutes and it is in everybody's interest that we close off these points. Paragraph 4.12 reads:NAMA would tell PIMCO about the process being...

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 see why I read it that way?

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 bottom of page 147 refers to a post-acquisition proposal by PIMCO that it "would likely forgive personal recourse in return for the borrowers handing over their property assets in a consensual manner". This refers to forgoing personal guarantees. Obviously, being informed of this in advance would have had an impact on the price that the Irish public could achieve in the deal. This 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: Yes, it could have been.

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: There is no suggestion that NAMA was doing this. The suggestion is that PIMCO was doing 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: The restrictions - a limited number of bidders and the one phase of bidding, that there had to be cash up front, confidentiality attached, people were not allowed to get local valuations, limited information was available to perform due diligence, the restriction on advisers and the time restrictions on the process - could only have reduced the possible price that NAMA could achieve. 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: They were not allowed to do their own valuations-----

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: -----on some of the properties.

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 could be done very quickly.

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: Two bidders were in the field at the end. We wrote to Fortress and asked for its rationale for making a bid below the reserve price. It stated that the bid process required an unconditional bid that "could not be syndicated or financed pre-bid". I will cut to the chase. Only one bidder met the conditions of minimum price, cash up front and the breakdown. We must decide a question....

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: May I ask a simple question? I will not go into any of the minutes. Why did PIMCO exit the process?