Results 8,041-8,060 of 8,237 for speaker:Peter Burke
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: In light of the business risk that is inherently present in the composition of the assets, and given the role of the Office of the Comptroller and Auditor General in assessing these matters, does Mr. McCarthy not think it would have been prudent to tender for expertise? I know he has said he is looking for additional resources to assist his office in preparing a section 226 report.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: In light of the very specific nature of this analysis - it takes great expertise to assess a discount rate for a particular portfolio - does Mr. McCarthy agree that, in retrospect, it was a mistake not to engage an expert in this field?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Does Mr. McCarthy believe his office had adequate time, on foot of the new information, to adjudicate on the new rate?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Is Mr. McCarthy happy with the process he undertook in advance of making a clear statement that there has probably been a loss of £190 million? Given that this is such a complex area, it is a very significant figure for him to hang his hat on.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Does the Comptroller and Auditor General accept that it is reasonable to have a debate on the 5.5% discount rate being overambitious? We have examined the composition of the rate and listened to the commentary on it. Other highly reputable experts in the field were involved. This is obviously a very difficult area to assess. As Mr. McCarthy set out, the methodology applied to cashflows...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: I wish to focus on the Comptroller and Auditor General's previous audits of NAMA because this is a very important issue. Mr. McCarthy can confirm that he is a permanent member of NAMA's audit committee. 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)
Peter Burke: Do they attend every single audit committee meeting?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Will Mr. McCarthy provide more detail? NAMA is a large State institution charged with delivering large numbers of loans from the banks and trying to make a profit for the taxpayer. How many meetings does his staff attend each year?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Have staff from the Office of the Comptroller and Auditor General not been invited to all meetings?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: How many meetings take place every year?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Therefore, there are meetings that they do not attend. 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)
Peter Burke: Yes, I will address one more very important point. Paragraph 2.4 of the report shows the carrying value of the assets held in Project Eagle at 31 December 2013. It indicates a loss of 13% on the sale proceeds. Paragraph 2.4 also shows that in some cases there was a difference of in excess of 30% in the case of participating institutions which were managing the loans. In terms of 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)
Peter Burke: I know that concern was raised by Mr. McCarthy's office. That is the point I am trying to make. The loss has obviously been booked and raised, but in terms of the process and procedures and the significance of it, there was no concern raised about it by 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 (29 Sep 2016)
Peter Burke: And potentially additional expertise.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: I thank the witnesses for appearing before the committee. I will first focus on the change in strategy to group all of the assets. Obviously, it was the biggest loan portfolio sale NAMA had undertaken at that point and it was a huge change in strategy to group all of the assets. I note from the Comptroller and Auditor General's report that there is no detail of the other options discussed...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: The Comptroller and Auditor General is very clear that there is no evaluation of other options in the board minutes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Either there is or there is not. It is black and white. We are getting mixed reports about tenders and who did or did not do something. It is very clear that there either is or is not an evaluation of other options in terms of this strategy.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Does Mr. Daly accept that this puts the Comptroller and Auditor General in a difficult position? I am not speaking for him but if the discussions NAMA had are not outlined clearly in the minutes it is difficult to formulate a detailed response to that. The processes are not in place, and this is consistent throughout all of this. The record keeping for major decisions appears to be very poor.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: In fairness, I am not discussing the discount rate at present. My question is specific. The witness says there was discussion about whether these should be sold individually or in bulk. Is that documented at board level in the minutes?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Peter Burke: Is there a "Yes" or "No" answer to that?