Results 22,541-22,560 of 34,778 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) (10 Nov 2016)

Seán Fleming: Was that discount rate based on the 5.5%?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Sorry, not the discount rate-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Yes, at the end of 2013.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: I ask Mr. McCarthy to explain EIR to the public.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We will be able to read the transcripts and go back through some of this later. NAMA talks about the difference between fair value and carrying value. I ask Mr. McCarthy to explain the difference there. We do not want to get bogged down but we must put this on the record-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Is it from 3 November?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Is there a reference at the top of the page?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We will ask NAMA that when it is back, not the Comptroller and Auditor General. He cannot answer for NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We have not got the information.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Deputy Connolly is next. We must try to speed things up a bit because we have officials from the Department of Finance-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: That was not personal.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We have to take a short break. We are not finished with the Comptroller and Auditor General. Will we take ten or 15 minutes?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: I have experience of "short" being a half an hour.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Are any other members indicating? There are three or four other members indicating.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Yes, we will take a break for ten minutes. We have been here for three hours. We do not want to be accused of running the witness for three or four hours without a break. We have to take a break so we will resume at 12.15 p.m. and try to conclude within a half an hour after that. The Department of Finance officials will be before us thereafter and I ask members to be more brief with them...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We are back in public session and we are continuing our discussion with the Comptroller and Auditor General regarding his special report on Project Eagle. We are discussing clarifications on matters raised during previous meetings and I ask members to be brief. My plan is to finish with the Comptroller and Auditor General as soon as possible. We have to take a 30-minute break for lunch and...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: We will write directly to NAMA to supply those dates directly to us. May I raise quickly one or two further issues?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: I do not want to lose people but I would like to explain the chart on page 143. It starts simply with the par debt that NAMA had, which was €4.6 billion. It paid €1.98 billion for it. In the preceding years, 2011-12, NAMA had impairments of €315 million, giving a value coming into 2013 of €1.665 billion. It then decided that €190 million would form part...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: Yes, exactly.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Seán Fleming: I would like an explanation as to the meaning of the following line, which reads "assets held at in 2017 to 2020 period (Assumption 1)". It seems to me that NAMA has accounted for impairments at the end of December and that at the December board meeting another €85 million has been introduced on top of the €180 million. I would like Mr. McCarthy to explain that.