Results 13,561-13,580 of 15,555 for speaker:Eoghan Murphy

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Would they come to NAMA and say they would like to invest a certain amount?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: When Mr. McDonagh talks about it being a competitive process, if there is, say, a property in Dublin and an approach is made by a fund of investors on that property, must NAMA let others know it is engaging with that fund?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Does NAMA ever get multiple approaches and then not sell?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Who makes that assessment? If they offer 20% of what NAMA thinks it is worth it is clear, but what if it is closer than that?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Is that the risk assessment committee?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: If we do not make a decision, or if we make a decision to invest, the risk if that goes wrong is carried by the board but falls, ultimately, on the taxpayer, for example the Aspen deal where NAMA has invested.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Was the best way to achieve a higher assessment of the portfolio for NAMA to take a stake in it?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: I want to talk about the Aspen deal. NAMA sold a portfolio of loans. It provided the finance for people coming in to buy those loans and invested itself. Is that not a massive exposure for NAMA on one portfolio?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: What if they sold for less?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Is that not a double loss for NAMA?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: However, NAMA would not have sold it had it not given the finance to buyers or got involved itself.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: If there was another buyer why did NAMA get involved?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: They only bought it because NAMA got them the finance.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: So we inflated the price to make a good impression?

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: Somebody came to NAMA from the private sector looking to invest in this and NAMA said we will sell it to ourselves for more.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: It is the price NAMA paid because it had the money.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: NAMA sold it to itself though.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: NAMA provided the finance for other people to buy it from NAMA and brought the price to €35 million by getting involved.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: It is a false market if one is buying from oneself.

Public Accounts Committee: Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency (26 Sep 2013)

Eoghan Murphy: It is not false market, it is a commercial decision by the buyer and NAMA about whether we want to do business. At the start of last year nobody was queueing up to buy assets in the Irish market. Initiatives we are engaged with are bringing activity and investors to the Irish market. No one was queuing up so NAMA decided to queue up for itself.