Results 2,761-2,780 of 27,019 for speaker:Michael Noonan

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: -----and NAMA would have got more money from the sale.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: That is my understanding of the position.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I am only summarising.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Yes, but it is a matter for NAMA. I addressed it as I understand it, but who keeps a minute at a NAMA board meeting or how full it is or whether it is just a record of decisions made or a verbatim report are not matters for me.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I do not know whether the Deputy's statement is correct.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: There certainly is not a verbatim report, as far as I know, but I would expect-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Can we check that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Is the Deputy saying there was no record of the board meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Again, it is a matter for NAMA. I cannot help the Deputy in that regard.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I cannot really help the Deputy on that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: No. What I am saying is that under the Act, it is a matter for NAMA to make a commercial decision on how it disposes of any property, and it is authorised under the Act to do it in whole or in part, and it must decide whether it is doing it in small bundles of property or to put the totality to market. I assume that when it got the offer from PIMCO originally, which did not go direct to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: No, what I am saying is that there is a difference of opinion. I am giving the Deputy a new context which I do not think has been brought before the committee before as to why there was pressure on NAMA to expeditiously sell the portfolio, as it was instructed to under the Act. The pressure was not from Northern Ireland, and I think those who framed the Act-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I have gone through the matter. I do not want to take up the Deputy's time. I have gone through it with Deputy Catherine Murphy and again subsequently. That is all I am saying, that I believe it was not an option to work the assets out to 2020 and then sell everything in 2020. I do not think that was possible under the circumstances and under the way the legislation is framed. On the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I cannot resolve it for the Deputy.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: The ministerial position is in accordance with the Act, the power to issue directives on big picture issues but also to be specifically excluded from any sort of involvement, benign or otherwise, in commercial decisions. The Department assists the Minister but does most of the relationship work with NAMA and advises me on the issues which are within my remit. On the commission of inquiry...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: There is a lot in it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: What is the question?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: No, I do not believe I am missing the point and I do not believe that I am reducing it to an issue of the discount.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I have referenced the discount, but I have answered every other question as well.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: No.