Results 23,481-23,500 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 (29 Sep 2016)
Seán Fleming: Overall, would Mr. McCarthy consider the sales process a well-designed one?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Would Mr. McCarthy say it was not a well-designed sales process?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: In other words, Mr. McCarthy would not describe this as a well designed sales process.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: The reason I say that is as follows. The letter KPMG supplied to NAMA on 11 May 2016 is referred to on page 16 of the report. KPMG was asked to comment on market value - item No. 2 in the letter. I will not read it all, but KPMG refers to the Royal Institute of Chartered Surveyors, the International Valuation Standards Council and the International Accounting Standards Board in considering...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: The Royal Institute of Chartered Surveyors, mentioned in the next paragraph, refers to willing buyers and sellers after proper marketing. There is an issue in that regard. The question is whether the definition applies. These are documents produced by NAMA.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: They were produced quite recently to justify its use of market value. The next organisation, the International Valuation Standards Council, talks about the position after proper marketing, while the International Accounting Standards Board refers to the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: I am not talking about market value but the figure in the financial statements of NAMA. What was the figure if that was its publicly stated view on 9 May when it signed off on the accounts? The sale was completed a couple of weeks later.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: When was this?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Was it an impairment figure in the 2013 accounts?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: How was that figure arrived at?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: I am talking about the Northern Ireland loans.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Can the figure for the Northern Ireland element be calculated at this stage?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: We will ask NAMA because of the reference on page 136 which sets out the board notes for the meeting on 12 December. In the second last paragraph there is a reference in respect of the Project Eagle portfolio, the details of which are set out, to the post-financial year end 2013 impairment exercise. The adjustment figure for assets forecast to be held during the period 2017 to 2020 is...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Starting with the figure of £1.39 billion, minus the £85 million, we are in the region of-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: I have seen it.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: That is after the addition of £85 million.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: In its financial statements NAMA took some impairment into account in its Northern Ireland loan book.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: It was always done and we will receive a schedule from NAMA showing how much it wrote down each year. People here will not have it, but note 41(c) on page 174 of NAMA's 2013 accounts refers to events after the end of the financial year. There is a specific note on the Northern Ireland portfolio sale which happened after year end. However, there was an offer on the table which was known to...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Was that in the light of this knowledge?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Seán Fleming: Does Mr. McCarthy have that paper?