Results 23,541-23,560 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: 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?
- 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 want that paper also.
- 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 want to read to Mr. McCarthy the note with which he has obviously concurred in NAMA's 2013 accounts. It states the portfolio had a par value of £4.6 billion and that, as the transaction had not yet been completed at the date of authorisation of the financial statements - 9 May 2014 - and was commercially sensitive, the financial effect of the transaction was not being disclosed and...
- 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: This refers to commercial sensitivity as a reason not to include a financial audit or statement. We cannot have organisations excluding items from their audited accounts because of commercial sensitivity. Does the Comptroller and Auditor General not have a problem with that phrase in the notes and he accepted that?
- 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 completed the note by saying that the transaction represented the largest single transaction by NAMA to date and that it followed a focused sales process involving bidders from Europe and the United States.
- 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 chairman and the director signed that. It is their report and we will put that to them but the Comptroller and Auditor General also signed his audit report accepting that.
- 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: Okay, I want 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: Where best can we get an exact figure regarding the valuation included in the financial statements of NAMA relating to Project Eagle before the sale was completed? The Comptroller and Auditor General will appreciate that I have heard about ten different potential valuations depending on assets in, assets out, transactions during the period, further impairment, discounted cash flow and...
- 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: Are there any other 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: We will suspend our meeting at this stage. We are concluding this section of our examination of the report. I think voting starts at 12.45 p.m. and could run for at least 30 minutes. I think 2 p.m. would be a good time to resume when we will start with 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: The committee is now back in public session. We spoke with the Comptroller and Auditor General in the first part of the meeting about special report No. 94 on the National Asset Management Agency sale of Project Eagle. We have invited representatives of NAMA to discuss the report with the committee. We are joined by Mr. Frank Daly, chairman, Mr. Brendan McDonagh, chief executive officer,...
- 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: Are Mr. McDonagh's additional comments typed?