Results 32,661-32,680 of 33,139 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 (29 Sep 2016)

Catherine Connolly: Mr. Daly thought that was evident from this morning while he was watching.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: I did not feel that. I read what the witnesses have put before us today and their previous statements and none of them was shy about going to the press - theSunday Business Post and theIrish Independent - and outlining their reactions. Would it not have been better to wait until today to give their reactions?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Mr. Daly felt that he was on the back foot and took the opportunity many times, as did Mr. McDonagh, to set the record straight from their point of view.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Okay.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: I understand.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Did any member of this committee approach NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 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 (29 Sep 2016)

Catherine Connolly: That is that cleared up. I will ask a number of questions, as my time is limited. I suggest to Mr. Daly that NAMA went to the newspapers to shape the narrative because it did not like the findings. I have an open mind and have read all of the documents, and I now put it to Mr. Daly that NAMA was shaping the narrative in the newspapers concerning the facts - they are not conclusions - as...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Just one second.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: I am suggesting that it was not. In any event, we are coming back to the report, which refers to much more than just the price. It seems-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Please, Mr. Daly. It seems to me that NAMA wanted to shape the debate on the price alone so that we would be fighting over figures and who said what as opposed to the substantial statement of facts in the Comptroller and Auditor General's report. Today was the first time that NAMA addressed a conflict of interest in its reports. I have the documents before me. Prior to this, NAMA simply...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: That is correct. Of the three bidders, one came forward. Who was that bidder?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Then Lazard invited three more bidders. 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 (29 Sep 2016)

Catherine Connolly: Two came forward that time.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Mr. McDonagh has this at his fingertips.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Three bidders came forward out of six. There were never nine. There were three to start with and then three more. Subsequently, there was a leak in February and NAMA was forced to tell Lazard to get more bidders. Is that not correct? Out of the ten that came forward, Lazard rejected eight. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Listen to what I am asking, please, Mr. McDonagh. NAMA accepted the three bidders and there were never nine. It was three and then two subsequently came forward. After the leak, ten came forward, of which Lazard rejected eight and accepted two.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: That was the process. Of those, neither of the witnesses has dealt in these papers or today with the reasons for those bidders not continuing. Some withdrew, some refused to participate. The Comptroller and Auditor General has set out reasons, but the witnesses did not address these. There was a complaint that PIMCO had an advantage, having been in the process for a very long time. The...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Is all of it not correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Catherine Connolly: Therefore, it is correct. It astounds me that the agency did not deal with any of it and persists in stating there were nine bidders when there were not. The process was limited and it was only after a leak that this was discovered. That is my interpretation of the bidding process.