Results 25,121-25,140 of 34,745 for speaker:Seán Fleming
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: However, NAMA had only one offer above that-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: -----and Mr. McDonagh is telling me that was a competitive situation. I hope the Comptroller and Auditor General will look at NAMA's process.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Why did all the others all drop out? Was the project too big? We are back to this issue. Was this NAMA's biggest job lot to date?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: However, NAMA had only one bidder it would accept. It was not going to accept below its reserve price, as Mr. McDonagh just said. So NAMA had only one bidder.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: We will come to that.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Had NAMA carried out an assessment of the Northern Ireland economy in relation to the sale of the loans?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Much of what the witnesses have said here today is based on NAMA's assessment of the Northern Ireland economy and how it thought the potential for the loans and the property market would go. Did NAMA carry out an assessment of the Northern Ireland economy in relation to the sale of these loans?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: What did NAMA use to benchmark that?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Exactly. So what assessment did NAMA carry out of the Northern Ireland economy in relation to this sale because it was benchmarking individual properties against how it thought the economy in Northern Ireland was going to work?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Just on that-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Mr. Daly has told us about NAMA's assessment of the economy. He has told us that the price was based on its assessment of the Northern Ireland economy. Did NAMA carry out an assessment? We are talking about billions of euro here. A couple of hundred thousand euro would have given NAMA some economic assessment of the growth. Did NAMA carry out an assessment?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: NAMA was going into a different market and selling what had a book value of €5.7 billion. We will not walk away from the book value of €5.7 billion that the taxpayer was on the hook for originally. Not all of it was on Mr. Daly's watch. Some of it was written off before it came to NAMA and I will come to that in a minute. If NAMA were selling property in Chicago, surely it...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Am I right in saying-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Are we right in saying NAMA did not carry out an assessment of the Northern Ireland economy? I am trying to get Mr. Daly to say either it did or it did not.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: A key element of the opening statement was that there was no political pressure. I looked at the information presented to the committee. A letter arrived from the Northern Ireland Finance Minister to the Minister for Finance and was sent on to NAMA and suddenly it was selling the whole thing as one job lot. Had that letter not arrived through the political process, would NAMA have moved at...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Was NAMA happy that it was in place?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Thanks.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Let me read a reply from the Minister for Finance to a parliamentary question this week on 7 July. I am sure Mr. Daly will be aware of it as my colleague Deputy Brendan Smith put a few of these questions specifically on the memorandum. The Minister said in the Dáil:I understand that the purpose of establishing such letters of intent by the Northern Ireland Executive was to help protect...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: The Government was the shareholder.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: It was a third party in the transaction. The Government was not a third party in Aer Lingus. I get Mr. Daly's point, but his comparison is not valid. The Northern Ireland Assembly was a third party.