Results 22,561-22,580 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: What would it have normally projected up to that point?
- 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: Did they want €90 million not included in impairments?
- 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.
- 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 is important to put on the record. Mr. McCarthy is saying there is something incorrect in the figures given to the board. He is saying in table 9-----
- 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: It is additional.
- 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: Therefore, it was not correct to say the assets were not impaired.
- 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: On this issue, I wish to make a few small points. The document we are considering, appendix C, which runs from page 129 to page 152, is the document that was prepared for the board meeting on 12 December 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: We have asked NAMA time after time to provide us with documentary evidence that that board meeting was considering a 10% discount, which is the essence of NAMA's argument. I wish to take the committee to table 7 at the very bottom of page 139 of the document with which we are dealing. The table deals with the PIMCO bid. In the document presented to the board by the assets recovery...
- 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: Therefore the documents prepared for the board at that December meeting were based on that 5.5% in the stock. There is no 10% there.
- 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: This brings me to page 144. This concerns the documents presented to the board for its meeting on 12 December when it considered the Project Eagle portfolio disposal. In table 9 on page 144, in respect of net present value, the right-hand column uses a rate of 5.5% while the column beside it uses a discount of 2.5%. The last column in table 11 on page 145 again deals with the net present...
- 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 am just saying that NAMA's documentation for its board is based on a discount rate of 5.5.% or an alternative rate of 2.5%. There is no mention of running the figures at 10%.
- 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: How does the Comptroller and Auditor General know that? How did he spot it?
- 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: In other words or in layman's terms, getting €100 every month is a lot better than getting €1,200 at the end of the year.
- 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: NAMA adjusted that.
- 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: It told the board-----
- 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 want to complete discussion of this discount rate. If we look at NAMA's documents, it answers all the questions. I am looking at page 111 which concerns NAMA board meeting minutes of 8 January. I referred to the December meeting. The board met again in January. Paragraph 3 is very important because this was where the minimum price was set. In the middle of paragraph 3 it is stated:In...
- 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: Some people might be getting a bit lost. Let us look at the PIMCO bid in table 7. PIMCO has an indicative bid of £1.244 billion. Using the 5.5% discount, NAMA valued that £1.244 billion. This is in the £1.2 billion to £1.3 billion range.
- 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: Table 11 on page 145?
- 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: On 4 December 2013, PIMCO made an offer of up to £1.3 billion. NAMA considered that a week later on 12 December and eventually settled on a reserve of £1.3 billion. We have put the question. Does the Comptroller and Auditor General think there is a connection between the £1.3 billion PIMCO offered and NAMA setting a reserve price of £1.3 billion out of the blue?
- 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 will ask NAMA that question.