Results 31,501-31,520 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: That is okay. I am just dealing with Mr. Long and his company. Mr. Long submitted a letter, a copy of which I have here. The Chairman has touched on this already. Mr. Long gave a letter of comfort, I think it is called, or a letter of confirmation. Did he qualify 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: It was very much qualified in terms of the restrictions NAMA set. Within those restrictions Lazard gave a qualified letter.

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: Then subsequently in 2016, after all of this, Lazard sent another letter. Was Lazard then approached by NAMA to give that letter?

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 think Mr. Long was quoted as saying another letter was given.

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, I see. That is very good. That is on page 77, a response to a series of questions on 31 March and Mr. Long went through the questions. Could Mr. Long turn to the last bullet point on the next page? There is a reference to "In our professional judgment and given, inter alia, NAMA's objectives and the nature of and limited information available on the portfolio, the process 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: I wish to raise two or three more little things. In relation to non-disclosure, could Mr. Long enlighten the committee about disclosure or non-disclosure agreements, NDAs, that he or NAMA sent out to the potential bidders?

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: Could Mr. Long tell us the key feature of those agreements? What was the key issue not to be disclosed when writing out to a bidder?

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: When the letter of non-disclosure went out, who had to sign up to 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: The investors. What about their legal team?

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 have asked this question and other Deputies have asked it and we are waiting. Did Mr. Long send out a non-disclosure agreement to all bidders?

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: As part of that non-disclosure agreement, were their property advisers and legal teams pre-empted from disclosing information? Once they signed up to that non-disclosure agreement, did that stop them sharing the information they learned about with anybody else?

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 move to Cerberus and when the legal teams changed over, did they disclose 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: I will just put my question again. Did Cerberus disclose to Lazard that it was now taking on Brown Rudnick and Tughans?

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.

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 Cerberus disclose 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: So Cerberus did not disclose to Lazard. Cerberus signed a non-disclosure agreement. I am only listening to Mr. Long and learning with him.

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: Please. I am not asking Mr. Long to tell me his understanding of Cerberus's position. That would be too much. Cerberus had its own legal team in here and it had its opportunity. I am asking Mr. Long, as an employee of the company that was chosen to advise on this. Lazard sent out a letter of non-disclosure. Did Cerberus comply with that non-disclosure agreement?

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 beg Mr. Long's pardon if he 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: I am sorry Mr. Long, but that has happened every time I have raised this - not just with Mr. Long. PIMCO withdrew. According to his evidence, Mr. Long knows nothing about the circumstances. Is that not correct?

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: The legal team for PIMCO marched across and went to Cerberus. Is Mr. Long aware of that?