Results 31,441-31,460 of 33,123 for speaker:Catherine Connolly

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Is Mr. Long saying that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: That was the reason Lazard refused the other eight firms.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Let us look at page 72 of the Comptroller and Auditor General's report at point 4.39, which says:Following the media coverage, NAMA and/or Lazard received enquiries from a further ten firms. Two of these – Goldman Sachs and Fortress – were allowed to enter the process. Lazard informed NAMA that it had excluded the other eight firms, seven of whom it said were well known to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Page 73.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: No, page 73. It is a clash of accents. On page 73, it says, "Requests to enter process refused" and there are eight refused for the following reasons: confidentiality, the need to adhere to timetable, to maintain the motivation of bidders already in the process. Listen to that one.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: It says "Maintain the motivation of bidders already in the process who were told that only a limited number of parties would be included" and "Some firms appeared only to be interested in parts of the portfolio". There is no mention of not meeting NAMA criteria here.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: They were not admitted. That is not set out here. These are the reasons given by Lazard.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Let us look at page 76. It elaborates on the reasons. Does Mr. Long see where it says "Firms refused entry"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: We will not read it all. On 26 February 2014, NAMA e-mailed Lazard to inform Lazard that it had received two further inquiries. Lazard responded to NAMA the same day, saying:We know both of these firms well and hold them in high regard. However, our advice would be not to include them in the process on the grounds that we already have sufficient competition [nothing to do with criteria,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: It does not seem like that. I am just reading what is here. I did preface all my remarks by asking if Mr. Long had read the report.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Mr. Long could have come back and said it does not capture. There is no mention of criteria or ability to buy. Lazard has given an assurance that it is going to be limited. In fact, at some other stage, there is a reference to "priority", which I have underlined. If we look at firm F on the same page:Lazard separately emailed ... setting out its conversation with another firm that was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Yes. Absolutely.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: No, Mr. Long. I do not accept that. Lazard invited three bidders, to start with, that did not feature at all in the major companies that were in this business.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Lazard certainly did, on an ad hocbasis when things happened and things emerged. I am laying no blame. I am asking Mr. Long just to help me. What questions did Lazard ask or what information was it given when PIMCO withdrew?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Did Mr. Long hear my question? What question did Lazard ask in respect of PIMCO's withdrawal and the circumstances around it and what information was given to Lazard?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Nothing was mentioned to Mr. Long about success fees.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Nothing occurred to Mr. Long that there might be something amiss with this company, allegedly.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Mr. Long might wait a second. Is Mr. Long aware of how long PIMCO was in the process prior to his arrival?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: Good. Was he aware then?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Catherine Connolly: I will finish up with PIMCO. Mr. Long is aware now. What is he aware of now in terms of when it came into the process prior to him? To Mr. Long's knowledge, when did PIMCO come on the scene?