Results 41-60 of 194 for nama speaker:Marc MacSharry

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ...Ireland advisory committee, did she ever get a sense from the Northern Ireland representatives, such as Mr. Cushnahan, that its strategic focus was to extract the Northern Ireland interest from the NAMA portfolio?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: I am conscious that Ms Finan left in December. Was it ever suggested during a discussion that a memorandum of understanding that could be included in any sale negotiations by NAMA might be drawn up to cater for the worries of the Northern Ireland side, or those of the Southern side in the light of NAMA's responsibilities to the taxpayer?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ...in Northern Ireland. To the best of Mr. McGuinness's recollection - he said he thought he was correct, but he might stand corrected - this memorandum of understanding had been provided for NAMA within three days of a conference call that had taken place between Mr. McGuinness, the Minister for Finance here and the then First Minister, Mr. Peter Robinson, in the North. That was in...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ...Mr. Corrigan. Has Mr. Mulcahy who has considerable experience as head of the asset management agency and previously in Jones Lang LaSalle ever come across the release of guarantees in any sale by NAMA south of the Border?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ..., notwithstanding the fact that he was not directly or specifically involved in loan sales, would a memorandum of understanding of this kind ever have been a precondition of the sale of a loan by NAMA to an investment company? Would NAMA have stated, "We are selling you X for Y, but you have to release everybody out the gap from their corporate or personal guarantees"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: It emanated from the Northern Ireland authorities. Yesterday a witness told us that it had ended up with NAMA within three days of a three-way conversation that had included the Minister down here. I am trying to establish whether the people in NAMA knew about it at the time. They have said they did not. I want to take advantage of the fact that we have certain expertise before us and...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: All I am trying to find out is whether a memorandum of understanding existed, as far as NAMA is concerned. Mr. Frank Daly has given his view on it but frankly, I do not know. I want to get to the bottom of it. If there was such a memorandum, it would have brought down the value and that is a concern. Mr. McGuinness said that the document went to NAMA but I do not know if that is true....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: If NAMA had stock or file valuations for assets in 2009 which it was disposing of in 2013 or 2014, would it have been prudent, in terms of best practice, to update those valuations?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: I gave a lot of time for clarification so I ask the Chairman to bear with me. I just want to stick to the point on valuations for a second. When NAMA was selling assets, for example, houses or pubs, is it not true to say that it got three valuations under Mr. Mulcahy's watch?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: Is it not the case that when NAMA was selling assets - bricks and mortar or the underlying assets - it would ask for three valuations?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: Let us say a house in Kiltyclogher is being sold for €50,000. Was it the practice that NAMA, before selling that, would seek three valuations?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ...member, albeit not on the loan sales side of the business, would it not be a major surprise to Mr. Mulcahy that the biggest transaction in the history of the State, not least in the history of NAMA, would require no update of valuations, not even one update, which Mr. Mulcahy says would have been enough for him?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: ...valuing the loans on this occasion - I do not know why it was paid all of the money it received - even though it did so for Tower, as the Comptroller and Auditor General has pointed out. Why would NAMA not have obtained updated valuations for the biggest property related transaction in the history of the State?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: Then why did the same internal valuers not deal with the Tower case, for example? Why did NAMA need to pay Lazard millions-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Marc MacSharry: I am asking Mr. Mulcahy, as a board member, why NAMA would apply one set of criteria, albeit bespoke and recklessly so, to this portfolio and not get external valuers? Why did it take the view that it was only Northern Ireland and that the internal guys would do a good job on that? Why would NAMA bother wasting money getting Lazard or others in for Tower but would not do that-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (16 Nov 2016)

Marc MacSharry: ...the courtesy of attending. He mentioned in his opening statement that the Executive would have been aware and supportive of the intention to appoint Northern Ireland advisers in the context of NAMA's undertaking. For the record, can Mr. McGuinness give his knowledge who he felt would be appointing those advisers? Did he expect to have input into that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (16 Nov 2016)

Marc MacSharry: Going back to the beginning of NAMA and its operations, Mr. McGuinness would have been aware that it had connections and properties in the North. Was there a view in the Executive that the approach taken by NAMA in the South, as it was developing in carrying out its work under the NAMA Acts, could be detrimental to the economy in Northern Ireland?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (16 Nov 2016)

Marc MacSharry: ...or who had connections in the North?. Was there a view emanating from the ground up to the Executive that the orderly extraction of the interests or the involvement of Northern Ireland connections, as NAMA described them, from the process in the South was a desirable objective?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (16 Nov 2016)

Marc MacSharry: ...;in side of the Executive, were there representations through Mr. McGuinness’s constituency office or those of other members in the North asking him, as deputy First Minister, to get them out of the NAMA situation because there were disposals going on in the South and they were afraid of a fire sale and that they might not be adequately treated and that could have an impact on the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (16 Nov 2016)

Marc MacSharry: ..., notwithstanding the exclusion of members from various meetings, telephone calls and processes, was there an underlying sense that something had to be done for the Northern-based connections of NAMA to try and in some way manage that process to get the best outcome for the economy of the North?