Results 9,881-9,900 of 21,149 for speaker:Mary Lou McDonald

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I refer to the timeline, as advised by Mr. Rowntree. He was informed on 7 October.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Mr. Daly briefed on Project Eagle; therefore, the name had been selected at that stage. The minutes state the chairman had broadly outlined what a NAMA sale process would entail with value and in an open market and key considerations for the agency. The committee discussed the approach to be taken and views were expressed. Mr. Rowntree raised a number of issues such as the sale of a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The chairman advised the committee that an unsolicited approach had been made to NAMA by PIMCO to buy the debtor portfolio, not the assets.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The preliminary discussions had taken place and he advised Mr. Rowntree that the board would consider the matter at its meeting on the 10th with a view to possible further engagement and that the respective Finance Ministers, Deputy Michael Noonan and Mr. Hamilton, had discussed the matter at a recent meeting. The minutes reflect the fact that the Minister for Finance's view was that it was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: When he outlined what a NAMA sale process would entail-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Did he say at that stage that PIMCO had been looking for exclusivity?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Therefore, he did not go into whether it would be a one, two or three-stage process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I will come to that point within the boundaries of the Cathaoirleach's nervous system. The minutes state: "The approach from PIMCO implies that value can be obtained from the portfolio". An assumption was made. That is an interesting bullet point because I do not understand what they were getting at with the committee. Was there a bit of a sell to say, "Listen, lads, this makes sense"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I refer to this discussion, giving the talking shop its full standing. I should not be sarcastic with Mr. Rowntree and do not mean to be offensive. They are taking the trouble to inform the committee that it is happening. To me that reads that there was a bit of a sell to say------

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I entirely agree.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I thank Mr. Rowntree. Bullet point No. 4 is the most intriguing for our purposes. It states a discount would be sought - naturally, we all live in the real world - therefore, the question of value is key for NAMA - sell versus hold. Mr. Rowntree does not recall who made the point about the discount.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Therefore, the discount would have been a key issue. What was Mr. Rowntree's understanding of the discount level applied generally? Would he have been privy to that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I refer to what the records reflect at that early stage. Even though preliminary discussions had been had with PIMCO - Mr. Rowntree can only speak for himself; Mr. Cushnahan obviously is a different person with a different history in these matters - the issue of discount is there. I assume that Mr. Rowntree would have assumed that on a matter like discounting the debtor portfolio, NAMA...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: So there would be a rationale for the application of whatever discount rate was arrived at?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: It is public money.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I am reading from the minutes of a meeting of the Northern Ireland advisory committee on 7 October.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Pardon me, I should have said it. Does Mr. Rowntree recall anything else - any nuggets of wisdom - from that exchange I have missed?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: What was Mr. Rowntree's view regarding what should have happened?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The discussion included external member feedback, meaning Mr. Rowntree, on the proposed approach to support the board's decision on the matter at its meeting on 10 October 2013.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: So the board was seeking Mr. Rowntree's nod or-----