Results 9,721-9,740 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Sorry, I am quoting from you, I'm just confusing myself slightly for a second. In your own opening statement, you said that "Mr. Daly's comments illustrate NAMA's lack of understanding of the development sector and I take exception to the generalised suggestion that diversification can only be explained as an unbridled and irresponsible "compulsion to purchase-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Was it, okay, sorry, Mr. McDonagh ... "compulsion to purchase more", you said. Can I ask, did NAMA have an expertise or skillset deficit, to your mind?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Did you have a sense that ... you were mentioning earlier about you had gone with your business plan and so on and this was rejected ... did you have a sense that because you were the developer, because you were the business owner, that, in some way, because you were the maker of the suggestion or business plan that it was going to be wrong anyway?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: So, it is your-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Yes. No, I appreciate that. So is it your assessment that it wasn't adequately assessed on the other side?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay. Do you think-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: In your opening statement, you said, and I'm quoting, "I firmly believe that, from the outset, the Board of NAMA lacked experience in many important areas but most notably [I just said there a second ago again] in the area of asset management and development ... NAMA had embarked upon a strategy of disposals which I believe ultimately cost the State dearly." Can you expand a little bit on this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay. Well, put it another way. Let's just say NAMA, as opposed to board or executives, I mean do you feel that ... I mean, would it be correct to say that they embarked on a strategy for disposals which ultimately cost the State dearly - as an entity as opposed to individuals or board or executives or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Did your experience in disposals that ... did NAMA, do you think, or not, look to the assets with the stronger or the greater equity to dispose of first or to move first so as to raise capital for their own works rather than - and you had mentioned earlier - looking at the longer-term picture of what was viable development?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: I don't want to panic the legals on the next question so I'm only going to be questioning in a very general sense, okay. I'm going to quote for you and then I'm going to ask a question but in a very general sense. And you said in your opening statement: NAMA was required to have full regard of the legal rights of those who were to be affected by those powers. Regrettably, in my...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Yes, I've, kind of, my own notes done out so I can't tell you what page it's on, I'm afraid.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: It's on the screen, great.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: My screen isn't operating so I can't help.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: I couldn't tell you; it's not in front of me, unfortunately.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Yes, it's the first paragraph I'm told, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay. Chairman, you can guide me on this one. I'm going to quote again and then ask you a question, but if I'm veering offside, you can let me know because I am not sure. Again, in you opening statement you said: The O’Flynn Group co-operated fully in all of its dealings with NAMA, but there was no consultation with the developer when the loans were acquired; a strong business...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: -----deliberate or accidental?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Is that all right?