Results 10,341-10,360 of 21,440 for speaker:Mary Lou McDonald
- Public Accounts Committee: Business of Committee (29 Sep 2016)
Mary Lou McDonald: That is absolutely fair enough. I ask for this committee to be given an opportunity to pause for reflection after today's meeting.
- Public Accounts Committee: Business of Committee (29 Sep 2016)
Mary Lou McDonald: We should reflect on matters that will arise-----
- Public Accounts Committee: Business of Committee (29 Sep 2016)
Mary Lou McDonald: -----and individuals and papers that we will seek.
- Public Accounts Committee: Business of Committee (29 Sep 2016)
Mary Lou McDonald: That is precisely what I am trying to establish.
- Public Accounts Committee: Business of Committee (29 Sep 2016)
Mary Lou McDonald: I thank the Chair.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Go raibh maith agat, to Mr. McCarthy and his team. NAMA, in addition to everything else, criticised Mr. McCarthy for what it claims was a refusal to meet with the board. Did Mr. McCarthy refuse to meet with the board?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: It also criticised Mr. McCarthy for not making comparisons with other bodies and it referred particularly to the IBRC loan portfolios. I think it said he was comparing NAMA with NAMA. I assume Mr. McCarthy’s position is that the audit process is a case of comparing NAMA with NAMA. Can he comment briefly on that, particularly the IBRC comparison?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Returning to Lazard as the sale advisers, Mr. McCarthy sets out very clearly that in this instance, and it was not unique, NAMA departed from what would be considered standard practice. He cites, for instance, that as loan sale advisers they are not asked to carry out a valuation. They do not give the kind of comprehensive marketing strategy that might be expected in normal practice. It did...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Who had control of that?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Does the witness know who precisely in NAMA it was? Was it asset recovery?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: So one presumes that Ronnie Hanna, as head of asset recovery, was in charge of that. One thing that intrigued me is that the Comptroller and Auditor General made reference to the letter of certification, or whatever the term is, at the end of the process from Lazard. In the his report, he cites that once Lazard was engaged, it did not go through the standard procurement process. It was...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: It is noted in the report that not alone in its terms of engagement was it required to produce one, but that in fact NAMA required a draft of such a letter at the very outset of the process. The Comptroller and Auditor General quotes at the tail-end the letter that it submitted. The Comptroller and Auditor General notes, quite correctly in my view, that it was restrictive and limited 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)
Mary Lou McDonald: Does one mirror the other?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Okay. Tell me this. Lazard was not informed of the fixer's fees and the difficulties, let us say, with PIMCO.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Is the witness convinced of that?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: This is what NAMA told the witness. Okay. The witness made extensive reference to the lack of property evaluations and he made a number of observations in terms of the minimum pricing for the portfolio. He notes that this minimum price of £1.3 billion was recommended to the board by the NAMA executive. What does the witness mean or to whom does he refer when he refers to the NAMA...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: What I am trying to get at is, in the absence of valuations and expert market advice - because NAMA did not procure any in the course of valuing the portfolio - who, not how, brought forward this £1.3 billion? On my reading, it came from asset recovery.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: I just wanted to make sure that I was correct. On the conflicts of interest, one thing the witness said this morning intrigued me. He said that over time, Mr. Cushnahan declared to NAMA his involvement as an adviser to NAMA debtors. Am I to take from this that in a succession of statements of interest, the picture built around Mr. Cushnahan? It was not just an open one-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)
Mary Lou McDonald: In the same sequence?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)
Mary Lou McDonald: Okay. Was PIMCO pushed or did it jump?