Results 32,941-32,960 of 33,581 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) (6 Oct 2016)

Catherine Connolly: Three months after the event.

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)

Catherine Connolly: It is three months. I am quoting the dates, 20 March 2014, from Mr. Declan Reid, sent to Alex Lalor, etc., and, "Apologies for the delay."

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)

Catherine Connolly: Mr. Reid might check that. Finally, I have a question for Mr. Carville on the bidders because we want to get clarity here. Mr. Carville made a statement that there nine bidders, is that right?

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)

Catherine Connolly: I took a note when he said it. There were never nine bidders. The Comptroller and Auditor General has gone through this methodically. Does Mr. Carville accept there were not nine bidders at first?

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)

Catherine Connolly: Let us look at that. Three parties were contacted first. Has Mr. Carville looked at this and checked it? There were three bidders and one showed an interest. Does Mr. Carville accept this?

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)

Catherine Connolly: Absolutely.

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)

Catherine Connolly: Three bidders were contacted and one showed an interest. Three more bidders were contacted and two showed an interest. Those two came forward out of ten that were considered after there was a leak about the sale in February 2014. Again, the Department had to do something about it. Eventually there were nine bidders from a very reactive process. If the witnesses have read the report of...

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)

Catherine Connolly: On a matter of accuracy, it has been said that the reserve price of €1.3 billion was set by NAMA.

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)

Catherine Connolly: That is not my understanding. I understood the figure was set by PIMCO. It has been said that NAMA came forward with this well before PIMCO.

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)

Catherine Connolly: Was that not said? That is what I heard.

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)

Catherine Connolly: I did not hear the word "withdrawal". I thank Mr. Reid for the clarification.

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)

Catherine Connolly: I thank the witnesses.

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)

Catherine Connolly: There has been much talk about the competitive tension in the sales process after PIMCO withdrew. Is the Minister happy that there was competitive tension when two bidders were left?

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)

Catherine Connolly: And it made a decision that there was.

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)

Catherine Connolly: I understand what the Minister is saying but Lazard was never informed and never given the total information about why PIMCO withdrew. Is that not correct? Was the Minister aware of 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)

Catherine Connolly: The Comptroller and Auditor General makes that point.

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)

Catherine Connolly: Is it right that the assurance given by Lazard on the sales process is a very qualified assurance?

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)

Catherine Connolly: According to the Comptroller and Auditor General, it is.

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)

Catherine Connolly: I am asking the Minister a question. Looking back now, does he think there was sufficient competitive tension in the process with two bidders left when Lazard could only give a qualified assurance? Looking back, does the Minister think there was sufficient competitive tension?

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)

Catherine Connolly: The Minister answered already that it was up to NAMA to say whether to share the information or not. That is an issue the Comptroller and Auditor General has raised that has not been dealt with. The Minister has come back and said that Lazard confirmed it did not and that it gave a qualified assurance. I understand from Ms Nolan that Mr. Reid only saw the third or fourth report. Is that...