Results 8,781-8,800 of 14,090 for speaker:Marc MacSharry
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: No, I am not doing that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: We know exactly what we are talking about. If Mr. Mulcahy ever wants to have a career on this side of the room he probably has every chance of securing one, in terms of the diplomatic nature of his answers. What I am saying is-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: What I am is that the facts show, from the evidence we have heard so far, that this loan book was sold on the basis of 2009 valuations.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: We know that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Wrong?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I will just rephrase what I said-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I will just rephrase what I said. In the data room-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: In the data room that was provided to potential purchasers, or certainly to one of them, the parties were shown valuations of the underlying assets from 2009. We have already established that Lazard was not valuing the loans on this occasion - I do not know why it was paid all of the money it received - even though it did so for Tower, as the Comptroller and Auditor General has pointed out....
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I promise to conclude now. Why would the 2009 valuation of the underlying assets on the one hand and of the loan book on the other not have been updated in the context of the biggest transaction in the history of the State?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: There was an internal valuation.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Then why did the same internal valuers not deal with the Tower case, for example? Why did NAMA need to pay Lazard millions-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I am asking Mr. Mulcahy, as a board member, why NAMA would apply one set of criteria, albeit bespoke and recklessly so, to this portfolio and not get external valuers? Why did it take the view that it was only Northern Ireland and that the internal guys would do a good job on that? Why would NAMA bother wasting money getting Lazard or others in for Tower but would not do that-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: On the same question, what is Mr. Corrigan's view?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I thank the witness Mr. Neporent for taking the time to be with us today. I will ask questions along a similar thread and ask that we go back to the Cerberus legal advisers on this deal before Brown Rudnick. Mr. Neporent spoke of Linklaters and A&L Goodbody.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would fees have been paid to those advisers for their contribution?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Was the fee arrangement with those companies not linked to success?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that arrangement have continued? Let us say that Brown Rudnick did not call Cerberus, is that how things would have panned out and that it would have been an hourly basis fee?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Let us say that Mr. Tuvi Keinan did not make the unsolicited contact with Cerberus and that Cerberus had its legal advisers - Linklaters and A&L Goodbody who are very well known around the world and very well respected - and Cerberus was pleased with them, would Cerberus have continued with those advisers in the absence of-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that fee arrangement have stayed at an hourly rate, as it had up to that point?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that have been cheaper?