Results 23,301-23,320 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) (13 Oct 2016)

Seán Fleming: We will tease it out further. That is all I am saying. I just put it because it looks like a conflict. We will have to ask NAMA again on this. I call Deputy Cullinane.

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 call Deputy Catherine Murphy.

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: Could the Deputy help me as I might have missed it at the beginning? What document is Deputy McDonald reading from?

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 is just we did not have it on screen.

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 will take Deputy Connolly and then Deputy Aylward. We are nearly there

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 will raise the matter directly with NAMA. Considerable emphasis has been placed on the University of Ulster report today and we will seek a copy of it. I am conscious that Ulster Bank, Santander Bank and other entities may have contributed to the report and that, therefore, it may not be in NAMA's gift to provide a copy for the committee. However, we can ask for a copy. On achieving...

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 am not sure where we saw it, but it has been indicated in several reports that 50% of the assets were in Northern Ireland, 38% were in----- That might have been asset location as opposed to valuation and-----

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: Perhaps the Comptroller and Auditor General could clarify 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: By value?

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.