Results 23,261-23,280 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) (13 Oct 2016)

Seán Fleming: Hold on. The collateral -----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Is the Comptroller and Auditor General saying that approximately-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: The Comptroller and Auditor General is saying that because the market in Northern Ireland was weaker than in parts of northern England -----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: -----it would have been less than 50%.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: According to the report, somewhere between €400 million or €500 million of NAMA collateral assets were based in Northern Ireland. Does the Comptroller or Auditor General have any idea-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: It was massive. It was about 70% impairment-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Fine. Like down here, Ulster Bank had a big portfolio of debt, as did Santander and a number of other banks. In terms of the study being carried out by the University of Ulster, how much of that, if it was identifiable, related to NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: That is interesting. In terms of the report that has been presented here, only 25% related to NAMA's interests in Northern Ireland. The rest related to the other banks.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Okay. I was worried earlier because I thought this was a NAMA report and that it all related to its assets. We now find that three quarters of that report relates to other entities. It is for Northern Ireland, not just NAMA and that is why the others were involved.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Was that in the report?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: That is exactly the point I was getting to, namely, whether it was possible to identify the various banks in that report. Mr. Rowntree is saying that NAMA had NAMA-specific information.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Did the external members to the board have that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: The members had NAMA-specific information.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Was there a value put on that in terms of the €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) (13 Oct 2016)

Seán Fleming: We have not heard anything about the value of the NAMA portfolio. I think that is the first reference we have heard to anything recent.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Mr. Rowntree is saying that there was a chapter specific to NAMA dealing with different methods of valuation, depending on what happened to the land. That is highly commercially-sensitive information.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: We did not know there was such a specific report in existence. We really appreciate Mr. Rowntree's help on this. We will have to chase NAMA for part of the information. Was there any information in that NAMA chapter which linked any of their major debtors to the particular lands?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: Fine, but there was tremendous information about the valuation of the NAMA-controlled lands in this chapter. I know Mr. Rowntree did not and the board never discussed it but if someone had debtor-specific information and had that report, he or she could match the two in the blink of an eye. Does Mr. Rowntree understand-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: I must qualify this by saying that it could only be done if someone breached corporate governance rules. If there was no breach of corporate governance, such a link would not be made. If there was a breach, however, a child of two could put the pieces together.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Seán Fleming: We might not. I just want to know if I am following the logic through.