Results 23,521-23,540 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 (29 Sep 2016)
Seán Fleming: The Deputy will have another opportunity to ask questions. I am keeping to ten minute slots to give all members an opportunity. Deputies Connolly, McDonald and Cullinane have indicated that they wish to ask further questions.
- 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 euro or sterling?
- 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 loans that NAMA took over from the respective banks had a figure or value in the banks of £4.6 billion. When NAMA took them over that was severely discounted to approximately £2.5 billion. There was a massive discount.
- 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 will move on to Deputy Cullinane.
- 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 using that term ex officio, is that a full board member? Some people think it is half a member. Is 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: I have a few quick questions. Will Mr. McCarthy confirm that he has carried out three special reports into NAMA and six annual audits?
- 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 there any public criticism of any of those reports by NAMA? Has it criticised Mr. McCarthy about any of his previous work?
- 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 major or minor?
- 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: Mr. McCarthy mentioned the sales process earlier. He said that some of the process was off-putting. Is that correct?
- 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.