Results 25,141-25,160 of 34,778 for speaker:Seán Fleming
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: He was also involved in Tughans.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: NAMA removed PIMCO from the process by and large and then it dealt with Cerberus which re-engaged Tughans, the company that NAMA was concerned that Frank Cushnahan-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: In Mr. Daly's opening statement he said that the board meeting on 11 March 2014 "considered that the proposed fee arrangement could undermine the integrity of the sales process". It did undermine the integrity of the sale process, but NAMA proceeded. From what I have seen so far, that was the time to stop the process. NAMA started with nine interested parties and seven walked away.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I will come to the valid reasons. Perhaps the job lot NAMA was selling was too big. That is the fundamental problem with everything here. The big issue NAMA has to answer is why it put all that. I know it has a reason which we will tease out. Six walked away and we were down to three. One had a conflict of interest and then NAMA was down to two. How could it be as competitive with...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: What was the amount offered by the under-bidder?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Why did they come into that if NAMA had told them it had a reserve higher than that?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: We have established that NAMA put a reserve on this at-----
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: It had only one offer on the table above that.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Mr. McDonagh is now telling us that NAMA was in a competitive bidding situation. I ask him to think of those three points. NAMA had a reserve. It had only one offer above its minimum reserve and he is coming in here to tell us on behalf of the taxpayer that this was a competitive bidding situation. Who were they bidding competitively against above NAMA's reserve price? They were bidding...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Mr. McDonagh gets the gist.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: There was only one bid above the reserve and he is trying to tell us that it was competitive.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I do not consider one person coming to the table with a bid above NAMA's reserve as competitive. NAMA should have collapsed the situation. Did Mr. McDonagh tell the board that NAMA had only one offer above its reserve price?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Is that his definition of competitive bidding?
- 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?