Results 81-100 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 (29 Sep 2016)

Marc MacSharry: As a result of his findings in the report, does the Comptroller and Auditor General have concerns about the governance structures in 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)

Marc MacSharry: Are there any other deals that the Comptroller and Auditor General is aware of from his section 226 reports of the past or any other examinations he has done where NAMA did not follow the procedures or there was the same level of ambivalence to a structure that seemed to be followed in most cases?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: Given the narrowness that was highlighted by certain bidders, and the fact that is admitted in the Comptroller and Auditor General's report, does he believe NAMA is exposed under the 2010 EU remedies regulations or the Irish guidelines on public procurement?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: Did Mr. McCarthy ask NAMA if it had sought sight of letters of release which would be common between solicitors acting in such a manner?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: Was it wise not to do that? The witness said he had assurances that everything was above board, but he felt NAMA could go further. In saying that it could go further, does the witness think it should have sought those letters of release?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: I thank the witnesses for taking the time to be with us. I must ask this question first: why would NAMA make contact with selective members of the Committee of Public Accounts the week in advance of publication of the report?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: It was perfectly reasonable for NAMA to make contact with the secretariat, the clerk, the Chairman and even the Vice Chairman if the Chairman could not be contacted, but I am interested in the contact with other members whom I know were contacted. I was not one of them. It is also clear that Senator David Cullinane was not one of them either. What criteria were adopted by the head of...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: I was finance spokesperson in the Seanad when the NAMA legislation was going through and in those eight short years I was not contacted once by NAMA's head of public affairs. Between now and our next meeting, in the interests of clarity, perhaps Mr. Daly might be in a position to tell us why there is contact with members of the Committee of Public Accounts other than the Chairman and the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: That is a matter for NAMA. When we prepare for such meetings, I find it curious that an agency of the State, paid for by taxpayers' money, would select, on criteria unknown to me, to contact individual people. It is clear that one of the criteria is picking the people who have tabled parliamentary questions about NAMA. I was not contacted.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: They amount to ringing the clerk. As we are all professional people, let us have respect for one another's intelligence. I have to move on. Mr. Daly said in his opening statement that NAMA was willing to consider the wishes of the two Governments. What section of the Act allows NAMA to supersede section 10 in considering the wishes of the government of another jurisdiction?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: ...ago, Northern Ireland, unfortunately, still falls under the jurisdiction of the Queen and the Northern Ireland Assembly. Will Mr. Daly tell me what aspect of section 10 or any other section states NAMA should take cognisance of the views of a politician outside the jurisdiction?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: No. While section 2 is being brought up on screen, I will move on a little further and ask Mr. Daly whether it would be fair to say that while NAMA had agreed to consider the wishes of the two Governments, it ultimately embraced the wishes of both and kept things discreet and confidential?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: ...to Mr. Daly - I must press him on this issue -and notwithstanding my very strong republican credentials, his contributions in the past tended to focus very much on the commercial mandate of NAMA. I am bound to say that so far today it looks a little more diplomatic and political than commercial. I am wondering whether section 10 was the core principle before NAMA officials sat down 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)

Marc MacSharry: Was it section 10 or was it that Michael and Peter had been on the telephone and NAMA had better take cognisance of the discretion and confidentiality that people are looking for? In essence, therefore, how can we be certain that section 10 was achievable?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: Surely NAMA would not have to consider the socio-economic impact on the island of Fiji if property was being sold in Sligo. Therefore, why would it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: NAMA is governed under legislation that is relevant to the State and the people. I like where NAMA is coming from politically on this issue, but, unfortunately, we are dealing with a commercial mandate. It is about the bottom dollar. It is not about those on the NAMA board asking how the people in County Down are going to wear a given transaction.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: In essence was the judgment of NAMA commercially led? In essence, was the action and information going into the boardroom tempered or influenced by diplomatic concerns rather than section 10?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: Let us move on. Let us say a developer connection in County Westmeath was selling ten houses and NAMA decided to sell those ten houses. Mr. Daly should correct me if I am wrong, but I have some knowledge of the process. Would it not have been the case that NAMA would ask the developer connection to identify three sales agents to get three sales proposals and valuations from those sales...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: In terms of the process, NAMA would request three. Is that not correct? Those three proposals would come in. NAMA's internal expertise would decide that proposal A was best and to run with that. Then, NAMA would set another price, which would not necessarily be the price on that, it could be higher or lower in terms of the minimum value. Is that not the case? Then, the process would...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Marc MacSharry: I understand that. In that example there were ten houses in Westmeath. I imagine there are umpteen examples of this in the NAMA portfolio. Why would that demand such a thorough bespoke process? Let us suppose the average price of a house was €150,000 and, therefore, for ten, the price would be €1.5 million. Why would that demand such a level of scrutiny and due diligence in...