Results 121-140 of 207 for nama speaker:Catherine Murphy

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)

Catherine Murphy: ...local information regarding valuing. Looking at it from the outside, it seems almost every possible obstacle was put in the way in order to eliminate entities from the bid. Was this dictated by NAMA? Did Mr. Long discuss it with NAMA? What approach did he take?

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)

Catherine Murphy: ...Goldman Sachs after others had been told it was closed. It is hardly good business practice to have different criteria for different groups of people. Why was it the case? Who decided it? Did NAMA dictate it or did Mr. Long suggest 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)

Catherine Murphy: If Mr. Long could go back would he adopt a different approach to the Project Eagle sale and what would his relationship be like with NAMA?

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)

Catherine Murphy: ...but there was a bigger reward in terms of the way the process was set up. Lazard knew when it took on the process that PIMCO had already been in the process and there was a bid on the table that NAMA did not want to lose. The approach adopted was so long as PIMCO stayed at the table, the risk was very limited. What was the tone like when PIMCO withdrew? Did NAMA panic? Did Lazard...

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)

Catherine Murphy: What was the engagement with NAMA? Did Lazard discuss that matter with NAMA? Did Lazard ask the reason at that point? Was there a discussion?

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)

Catherine Murphy: Did Mr. Long and his Lazard colleagues question whether NAMA had conducted its own valuations? Did they question how NAMA reached the reserve figure of €1.3 billion? Did Mr. Long and his colleagues satisfy themselves that when they invited people to make a bid that the £1.3 billion was a good reserve price but that more could be achieved?

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)

Catherine Murphy: If Lazard was advising NAMA or anyone else on a sales process would it advise them to value individually what it was going to sell?

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)

Catherine Murphy: The witnesses are very welcome. I will start with Mr. Corrigan. He was in a unique position in that he was a member of the board of NAMA but he was also in the National Treasury Management Agency, NTMA. The year 2013 was important in that IBRC was liquidated and instead of a €3 billion payment annually, or a little more in some cases, it was elongated. In terms of the European...

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)

Catherine Murphy: Mr. Mulcahy came from real estate property background. Were the assets transferred to NAMA in advance of his arrival in NAMA. I wish to get a context.

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)

Catherine Murphy: Obviously when the assets were transferred to NAMA there were significant haircuts before they arrived.

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)

Catherine Murphy: The very fact that the assets in regard to Project Eagle were a loss over and above the amount that was paid for them by NAMA, if we could use that terminology, that would have been unusual in that most would have achieved the amount that they were transferred for or more. Does Mr. Mulcahy believe errors were made in their valuation at that stage or did they lose value?

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)

Catherine Murphy: Mr. Mulcahy describes it as a superb deal. If that was the benchmark for all NAMA’s deals, the so-called profit - I say so-called because when one looks at the par value, it is not a profit - and if it had been applied to other deals, the profit that NAMA talked about making would have been a substantial loss. The 55 top loans were valued some time earlier. Would that not have...

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)

Catherine Murphy: Ms Finan is in the unique position of having two dimensions to her role in that she was on the Northern Ireland board and the board of NAMA. Ms Finan seems to recall that the discussion of the PIMCO bid and the Project Eagle portfolio occurred in the latter part of 2013 but according to the minutes she appears to have been at the meetings. That seems to conflict with the recollections of...

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)

Catherine Murphy: Obviously the discussion at the NAMA board would have happened much earlier than that.

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)

Catherine Murphy: This was a change in approach. NAMA had deviated from the approach it has taken up to then. Would this not have jumped out at the witness?

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)

Catherine Murphy: The Minister for Finance told us he did not have any responsibility in this and it is stated in the Act that he is not permitted to get involved in the commercial aspect of NAMA's work. Why did Mr. Neporent direct the letter of investment to the Minister and not to NAMA?

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)

Catherine Murphy: Did the Minister advise Cerberus to go to NAMA or say it was not appropriate? Did he say he should not have received that information?

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)

Catherine Murphy: ...of the actual properties to which loans were attached were located in Northern Ireland but the common denominator was that the loans were all Northern Ireland owned. We heard from Mr. Ellingham of NAMA that the Northern Ireland portfolio was the most difficult of all the agency's portfolios. There was a great degree of non-co-operation. He went so far as to say – I am...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Murphy: ..., in relation to Brown Rudnick, is a critically important person in all of this, as is Mr. Ronnie Hanna. What it tends to suggest to me is the inconsistency of information that has been given by NAMA and what prompted the whole process in the first place, and obviously, Brown Rudnick is key to that. There is one issue. There is an inconsistency in this letter and I would like to ask...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

Catherine Murphy: Two entities were involved in working out distressed assets. IBRC was one and NAMA was the other. We have been constantly reassured by the Minister in the Dáil any time oversight of NAMA was raised that the Comptroller and Auditor General had a big team in it. I found it quite useful to hear about the practical work the Office of the Comptroller and Auditor General does in NAMA. It...