Results 23,041-23,060 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: By what percentage?
- 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 can tell Mr. Ellingham. It was by less than 1%.
- 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: By less than 1%
- 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, but it was above it by less than 1%. There is no suggestion being made. Can NAMA guarantee that Cerberus had had no indication of what the reserve price was? To come in just a fraction above the minimum price, by 1%, is-----
- 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 issue of advisers has come up on a number of occasions. I have a question for the risk committee. I am sure Lazard would have dealt with it, but would NAMA have known who the advisers to each of the bidders were? Would that have been part of the bidding process, knowing who was advising who and also the structures of the companies with which NAMA was dealing? In other words, would...
- 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: How would NAMA have known?
- 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: In other words, Cerberus, PIMCO and Fortress notified NAMA who their advisers were.
- 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 does not matter.
- 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 are talking about good practice and ethics. Would it not have been good practice for NAMA to know the identities of the full team of advisers for Cerberus? NAMA knew the identities of the advisers for PIMCO. Essentially, it only found out at the last minute, when it was asking Cerberus to sign an undertaking, that Tughans and Brown Rudnick were also advisers to Cerberus. Did that not...
- 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, but valuers are also advisers. There were more than law firms acting as advisers to the bidders.
- 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: Which company went to Fortress?
- 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: Cushnahan.
- 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 was part of-----
- 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: In other words, PIMCO was off the field and its advisers split themselves between the two remaining horses in the field and NAMA received a bid that a fraction, 1%, above its minimum 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: My last question relates to the report from the University of Ulster which was submitted on 8 September 2014. What was the point of it, given that Project Eagle had long been sold 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: I appreciate that and accept the executive summary. I refer, in particular, to the reference to "residential development land holdings". I accept that this refers to residential development lands. The witnesses have said such lands represented 8% of NAMA's loan portfolio.
- 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: Did NAMA commission any report on the remaining 92%? Why did NAMA just select 8% of its loan portfolio?
- 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 other lands would have been zoned industrial?
- 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 ask NAMA to send on information on the valuations. The portfolio was eventually sold for £1.32 billion and we have already accepted that 50% of the underlying assets were outside Northern Ireland. The final amount related to the assets outside Northern Ireland is a minimum of £600 million. NAMA has stated that what was left in Northern Ireland was, effectively, a rump...
- 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: There is none for the 5.5% either. Let us be clear about that. I will not re-read what I read the last day that valuation means after a well conducted sales process.