Results 31,821-31,840 of 33,126 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) (10 Nov 2016)

Catherine Connolly: On the previous occasion the witness did discuss it with my colleagues.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: However, the witness had a very strong opinion 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) (10 Nov 2016)

Catherine Connolly: I would be in that category too. The issue of the 5.5% rate is the one thing the witness has picked out further to questioning. That is the reason I asked if she had read the report. The report is not about the 5.5% rate.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Let me deal with that, because the witness has had her chance. There is a chapter on conflict of interest. Does the witness have a comment on that with regard to the concerns of the Comptroller and Auditor General?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: That is great. He has clearly pointed out his concerns with regard to the sales process, and we have articulated those concerns as best we can. Does the witness have a comment on those?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Great. The witness therefore has no comment on any of that report.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: The witness heard the Comptroller and Auditor General's evidence this morning on when he met the Department of Finance. He said he sent a copy in May 2016 to the Department of Finance and two officials met Mr. Reid and Mr. Carville. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: Perhaps they might tell me.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I am not making an issue of that. The meeting took place. However, the Comptroller and Auditor General told us this morning that he would have expected a formal response from the witness. No formal response to that meeting was provided.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I understand that what the Comptroller and Auditor General said was slightly different. I am subject to being corrected by the officials. First, he would have expected a formal response from the Department but the Department did not give it. Second, he then gave the Department NAMA's response. It was after the Department looked at NAMA's response that it made a comment. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I am trying to deal with it factually. The Department made no formal response. Then, when it got the subsequent amended copy with all the changes, it made a formal response.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I refer to the famous letter from NAMA to the Department of Finance. It quotes the Department of Finance's opinion regarding lack of expertise. Does the witness recall that letter?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: It was the letter on 12 September from NAMA to the Minister, Deputy Noonan.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: It is PAC32-80a (iii). It is a long letter from NAMA justifying its decision. It is sent on the 29th to the Minister, Deputy Noonan. It quotes the Department of Finance as having an opinion. Will the witness comment on that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: This is from the second last paragraph on page 4.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: The witness may well seek to lessen the impact of this, but this is NAMA communicating with the Minister for Finance.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: It is quoting the Department's opinion in that paragraph. It is an opinion of the Comptroller and Auditor General that is less than praiseworthy with regard to a report that was due to come before the committee. The Department had an opinion on that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: When I asked if the Department had an opinion, the witness said "No". When I asked if she had an opinion on any of this report she said "No". She said that was a matter for NAMA and the Committee of Public Accounts. The witness has an opinion on a specific matter. It is not a complex question. The witness had no opinion on conflict of interest, the sales process, lack of records and all...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I think it is inappropriate and NAMA has done us a favour in highlighting the fact, and quoting it to the Minister, that the Department of Finance had an opinion on a certain aspect of this report but not on the other major concerns in the report. I will leave that for the moment because of my time constraints-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Connolly: I did not say that. I am just quoting what is there, which is surprise at the Comptroller and Auditor General's lack of knowledge of the loan sales market "and advised that they would benefit greatly from external advice to help them achieve a better understanding of the loan portfolio sales". This is a serious paragraph where the Department expressed a serious opinion about a report which...