Results 22,181-22,200 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) (22 Nov 2016)
Seán Fleming: Would Mr. Long have no problem with NAMA forwarding us a copy of-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 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) (22 Nov 2016)
Seán Fleming: We will formally ask for that so. The issue was with Lazard's subsequent advice to NAMA.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: I will come back to that. Mr. Long said earlier that when PIMCO withdrew, Lazard notified Cerberus and Fortress. Why would that have been done if Lazard wanted to maintain competitive tension? Surely by telling them the biggest and most prominent player on the field has left the pitch,-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: -----it was diminishing the competitive tension. Surely Lazard was there to keep the competitive tension. Why would it have done that?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Demotivated Cerberus.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: It might have felt it was a smaller race thereby giving it a better chance. The letter Mr. Long mentioned a minute ago was Lazard's letter of recommendation to NAMA on 2 April 2014. Lazard had an issue with some of it being released. Mr. Long might discuss that issue with NAMA again with a view to releasing it or if there is a particular aspect that requires to be redacted, Mr. Long...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: On 2 April 2014, the one after the conclusion of the bid.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Fine, we will check our records.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: I do not know.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Based on Lazard's reluctance, it has not been forwarded.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Mr. Long will discuss it with NAMA. We will take it up with NAMA directly. Mr. Long seems to be willing to provide it to the committee once it is not put on the public record. 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) (22 Nov 2016)
Seán Fleming: We, as a committee, will discuss how to handle that. I accept what Mr. Long is saying, but it is slightly unusual. We will come back to that issue. I have a question on page 83 of the report. In the letter of 2 April, Lazard gave its recommendation to NAMA. I should have said page 82.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Page 82 of the report states that in a letter dated 2 April Lazard noted that:The process involved a limited number of highly qualified bidders, [that is a qualification; it was a limited process] limited due diligence information, [that is a second qualification] a single round of bidding [a further qualification] and the requirement for bidders to acquire the portfolio 'entirely in cash'....
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: It was not that it was a great process. Lazard was putting on record NAMA's restrictions that the chairman has separately described as a very bespoke process - all of those made it highly bespoke. Has Mr. Long ever seen those four restrictions in a process like this before - a single round; entirely for cash; limited due diligence available; and a limited number of bidders? It was a very...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: Yes, absolutely.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: That is most interesting. NAMA will explain why it was so restrictive. Page 83 of the report refers to the Lazard letter as stating, "the sell-side process for the transaction was appropriate for the sale of a loan portfolio of this nature". Again it is all connected. Lazard was only dealing with the sell side. Lazard was on a success fee. I again thank Mr. Long for coming here today.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: I know an issue was made about the limited amount of work Lazard put in and the amount of hours it took. Had it not reached a successful financial conclusion, despite other issues, Lazard would not have received a fee.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: So there is a risk on the company's behalf, whether or not it is going to get paid at all. In fairness, that must be said because Mr. Long is assisting. Given those levels of restrictions that NAMA put on the process before Lazard arrived on the scene, was it fair to Lazard that it had to operate on a no foal, no fee basis, as we would describe it here. I can understand if a person was...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Seán Fleming: So eventually Lazard accepted it despite the inherent risks from the witness's point of view?