Results 25,161-25,180 of 34,778 for speaker:Seán Fleming
- 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.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: A lot of what has been said in the statements here has been to the effect that it was a messy bit of a portfolio, including lots of little properties around the place in Northern Ireland. It was suggested, "It will be a lot of trouble to manage them; let us get rid of them, even if we have to take a loss," to allow NAMA to concentrate on its core activity in dealing with the rest of its...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I know that it had a carrying value of €2.2 billion. What was the value of the previous largest job lot sale prior to this?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Was that book value or carrying value?
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: What was the book value? This is €5.7 billion, nearly three times bigger than any portfolio NAMA sold before.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: Does Mr. McDonagh understand the problem we have? NAMA was selling groups of assets, or groups of loans, at a particular value, and all of a sudden the Northern Ireland portfolio, a sale that is three times bigger in terms of book value, is put all in one. It is an enormous jump. People have difficulty - I have difficulty with how NAMA put the whole thing in one. It had not done anything...
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: I want Mr. McDonagh and Mr. McCarthy to tell me which of them is right.
- Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)
Seán Fleming: No difference between €280 million and----