Results 22,841-22,860 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) (25 Oct 2016)

Seán Fleming: We have not seen it yet.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Will Mr. Moriarty tell us what is in it because we do not have it on the screen?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: So the success fee was continuing with Brown Rudnick and Tughans-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: -----minus the third party.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Which NAMA essentially drafted for Cerberus.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: I think it did.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: When we mention the success fee, people have an issue with that. Somebody from NAMA said previously that success fees are not unusual in this line of business. Would they be unusual? Is Mr. Moriarty aware of success fees in any other of the bids in which NAMA has been involved?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Unless the purchaser tells NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Does Mr. Moriarty have knowledge of similar success fees being paid in respect of people's dealings with NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: This is the first time. Even though we are being told it is common, Mr. Moriarty has no evidence of that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Can the committee discount the statement from one of NAMA's directors that this is a common issue because Mr. Moriarty has no basis on which to back that up other than-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: But the biggest property sales company in the world has never encountered it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: NAMA has never encountered it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: I will conclude with this comment. The first letter from Brown Rudnick on 24 June that started this process began by stating that two of its clients were interested. That is on page 22 of the Comptroller and Auditor General's report. Has NAMA found out the identity of the second client?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: Was there a second client?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: If, in the interests of getting best value for the taxpayers' money, the first thing NAMA is told is that there are two people interested and it does not inquire as to who the other bidder might be in the entire process, that is remarkable.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: In terms of market intelligence, would somebody not have tried to find out the identity of the second bidder because it might have been beneficial for the State and for NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: I call Deputy McDonald, and we should try to be brief because it is getting very late.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: It is like the names for hurricanes. Every year, somebody comes up with the names.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Seán Fleming: No, we have not.