Results 23,001-23,020 of 34,729 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) (18 Oct 2016)
Seán Fleming: The witnesses can take this message back to NAMA, although I am sure its other members are watching this. We had a list of 20 items. If there is an issue with one or two of them being released, NAMA can give us the rest so that we can get working on them and studying them.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: Yes, with some of the documentation, but not all.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: Okay.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: I wish to put a few questions before we proceed to the second round. When we get to that round we will try to be tighter with our time because it has been a long day, and I thank the witnesses for that. I have a few brief questions. Essentially, you had a minimum price of £1.3 billion. In the course of the process that was reduced to a revised minimum of £1.23 billion. Perhaps...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: The final price was £1.322 billion. What was the reserve price at that stage?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: You started with a minimum price of £1.3 billion-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: -----and then £74 million came out for some reason, so there was a revised minimum value and you got your amount. I am referring to pages 99, 100 and 101 in the Comptroller and Auditor General's report. Appendix A states, and it is minuted in your board meetings, that before the cheque was handed over Cerberus tried to get a few bob off the final bid. The NAMA board responded, and it...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: You are not familiar with it.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: It is £1.23 billion. NAMA believes it is due £35 million back, so that brings it down below £1.2 billion.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: You feel Cerberus got away with £35 million of assets that it had not properly-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: You said you were going to pursue it. It is recorded in the board minutes before you received the cheque from Cerberus that you would go after it for £35 million. My point is that it brings the net amount you received from Cerberus, when you get this £35 million back, possibly at or below your minimum price. Give us the figure, because it is very relevant. Fortress Investment...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: It is extraordinary from the Irish citizen's point of view that, two years on from when the board decided, according to its minutes, to chase Cerberus for the £35 million, the board members present today do not know whether that happened.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: Has NAMA received any of the money back?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: Okay. I have made the point.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: We understand that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: If NAMA were to receive it back, which is what the board believes should happen according to the minutes, it would reduce the net amount that NAMA would receive from Cerberus. It would possibly be below the bid price.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: The witnesses will send us a note.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: I know, but it might have increased if the-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: Please try to get it. The witnesses have often mentioned that the difficulties with Northern Ireland debtors are glanced over. From everything that we have read in the newspapers, plans were worked out with NAMA's major debtors in the South. There is a great deal of controversy about those, so we will not go into the details. Some debtors are being paid salaries to work with NAMA. Had...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)
Seán Fleming: The same worked-out business plans with Northern Ireland debtors.