Results 301-320 of 3,371 for speaker:Shane Cassells

Local Government Reform (Amendment) (Directly Elected Mayor of Dublin) Bill 2016: Second Stage [Private Members] (22 Nov 2016)

Shane Cassells: As the Fianna Fáil Party spokesperson on local government, I am pleased to have an opportunity to speak in support of Deputy Lahart's Bill. The legislation is a major step forward in advocating real local democracy as opposed to the narrow stranglehold of executive control that exists in Dublin and elsewhere. We should all be committed to breaking the shackles the Custom House holds...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: I welcome Mr. Long. Earlier Mr. Long said that the process would not be helped by inviting people to the process who would bid below the reserve price. On what basis was Mr. Long making that expert adjudication on possible bidders?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: How does one judge somebody's appetite?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: I ask because last Thursday Mr. Neporent, in evidence on behalf of Cerberus, said there were approximately eight funds with the capacity to bid for this. His was one of them. He was of the firm opinion that there were many potential bidders.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: However, when it came to the core of the matter, Lazard did not believe there was that number of real bidders.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Cerberus wanted to acquire the services of Brown Rudnick for £15 million. It paid that money so, effectively, others would not have that service or information, regardless of whether it was of value or not, and to keep others off the field. It obviously paid fees to ensure it had the optimum chance here. It felt that there were others who could have acquired this.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: However, the witness did not think there were others there with that capacity because Cerberus obviously did have it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: The witness said the fact that ultimately there were only two bidders is a reflection of the fact that it was not a very attractive portfolio.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: That appears to be quite an odd statement on something that has caused so much controversy, intrigue and possibly Machiavellian tactics.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: It is perfectly clear with regard to something that has caused so much controversy, with a litany of possible background Machiavellian tactics in respect of this portfolio. It is not just Mr. Long who has said it. Repeatedly, NAMA officials who have appeared before the committee have spoken about the non-attractiveness of this portfolio, yet so many people believe it goes to the heart of so...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: The Comptroller and Auditor General said in his report that there were many attractive aspects to the portfolio. In fact, this constant running it down is perhaps a way of throwing people off guard. Does Mr. Long not accept that there were attractive aspects to this portfolio?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Mr. Long said earlier that the circumstances that led to Project Eagle and the characteristics of Project Eagle were unique. Deputy McDonald started to refer to aspects of the political sensitivities as well. Will Mr. Long expand on that constant reference to the unique characteristics? Again, it is not just Mr. Long who has mentioned it. Senior NAMA officials who have appeared before the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Why?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Okay. To explore those unique elements, the Northern Ireland Executive Minister, Mr. Sammy Wilson, appeared to like the prospect of an exclusive deal with PIMCO. Obviously, that did not come to pass. The deputy First Minister, Mr. Martin McGuinness, who appeared before the committee last week, spoke about his exclusion from conversations with the First Minister and the Minister of Finance...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: They were not?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: So there was no pressure on Mr. Long. Again, I am trying to understand this uniqueness, the fact that everybody continues to characterise this as unique, and what the interaction was.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Does Mr. Long think the reserve price of £1.3 billion was a fair price?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: The witness does not believe that the fact it mirrored what PIMCO potentially was going to pay is unusual.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: I know that. I am asking about the fact that, amazingly, it mirrored the amount PIMCO was going to pay.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Shane Cassells: Mr. Long has said the process was ultimately successful. Was that despite itself and the processes involved?