Results 8,981-9,000 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 (29 Sep 2016)
Marc MacSharry: I understand that. In that example there were ten houses in Westmeath. I imagine there are umpteen examples of this in the NAMA portfolio. Why would that demand such a thorough bespoke process? Let us suppose the average price of a house was €150,000 and, therefore, for ten, the price would be €1.5 million. Why would that demand such a level of scrutiny and due diligence in...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Would Mr. McDonagh say the approach NAMA takes for the disposal of relatively low-priced assets, as I have said, was less thorough than that undertaken for the £1.6 billion transaction?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Does Mr. McDonagh believe they were equal? Why would NAMA look for three proposals and look for none in the context of something that was so big?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: It is the taxpayer who is paying me.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: The bigger the gig, the less people get consulted.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: It is three for ten houses in Westmeath but it is the board and, at a later date, Lazard, when it comes to the biggest transaction in the State.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Then Mr. McDonagh should point to the two other companies, other than Lazard. Before NAMA designed the sales process, other than the diplomatic wishes which we took cognisance of, who did NAMA consult externally on the best way to do this process, other than the two Governments?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: I must interrupt Mr. McDonagh there. Let us go back to the example of the ten houses in Westmeath. How many times did someone walk in the door in a reverse capacity for a small purchase and NAMA agreed to go for it, narrow the process, have it over a month, have a data room for some weeks for one, then open it up to everyone else and then let it go? In fact, can Mr. McDonagh tell me of any...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: I am sure NAMA has received countless telephone call over the years from individuals throughout the country asking whether NAMA is selling a house at number 10 on the high street in the town. Did NAMA ever say to such a person that the offer was fair enough?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: As has already been declared to the Clerk, by the way.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Has NAMA ever sold one of those?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Has NAMA ever done so on the basis of a reverse inquiry?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: When NAMA would do that, would the practice of NAMA be to get an independent valuation before letting it off?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Why did NAMA not do that in this instance?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Was that because NAMA would have had a stock valuation on that property from the previous year end?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: NAMA would have had a stock valuation, as with the assets in terms of Project Eagle. Mr. McDonagh said it had valuations at the end of 2013. If an individual comes in and NAMA is happy with the price quoted, NAMA would get an independent evaluation at that stage to verify that it was getting value for money. That is what Mr. McDonagh is saying.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Why would NAMA not have done the same for the biggest transaction in the State?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: I am nearly there.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Can the witnesses confirm that NAMA was aware that Mr. Cushnahan and Mr. Rowntree were directors of the Northern Ireland Housing Agency for a period?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Marc MacSharry: Would NAMA have been equally aware that they resigned following a report into certain activities of that organisation?