Results 181-200 of 1,732 for nama speaker:Michael Noonan

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...in the interests of the professional advisers to move their expertise on, but I was not involved and I was not aware of the position. What I was aware of, because I was advised by the chairman of NAMA, was that it had got a statement from the ultimate purchaser, Cerberus, to the effect that it was not in a position whereby it had contracted or promised to pay money to anybody outside...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...involved in the commercial dealings or commercial processes. While I get information at a primary colours level, I would not know the detail of a sale. It had been brought to my attention by NAMA that the advisers moved to the next potential successful bidder. I am not sure if Mr. Reid was there at that time, but he might repeat it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...Agency, NCA, investigation in the UK and there is also a report to the Garda. That is where the wrongdoing is. There is no suggestion in the report of the Comptroller and Auditor General that NAMA acted illegally or improperly or, indeed, irregularly, which was the report in the newspapers after the leak. He certainly says what we know he says in the result, but he does not say that...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...purposes of the Act as intended by Dáil Éireann and Seanad Éireann. The Minister does not have the power to interfere in commercial decisions and this was a commercial decision by the board of NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: NAMA is independent. It is up to the NAMA board to-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I do. I will let Ms Nolan contribute in a minute. NAMA was supposed to end its activities in 2020. If all loans were worked out to 2020, there would be a firesale of potentially €13 billion in assets in the last year of its operation. That would not make sense.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I became aware of it around the time of these discussions here, but I knew that there was a commitment from PIMCO to pay some money to Mr. Cushnahan when the chairman of NAMA, Frank Daly, advised me of the fact when he was informing me, first, that PIMCO had withdrawn or was pushed out, as the case may be, and, second, that he was taking advice from Lazard to see if it was viable to continue...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: NAMA did not give me information about Frank Cushnahan representing debtors, but I heard somewhere of it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...became the preferred bidder, it gave a written guarantee that it would pay nothing to anybody outside of professional fees. Second, compliance issues are matters for the SIPO and the board of NAMA, not me.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Anything of a corrupt nature that has happened up to now has happened in Northern Ireland, in a different jurisdiction. It did not happen in the Irish Republic until NAMA made complaints to the Garda about specific issues. The process, engagement and payments were all north 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) (6 Oct 2016)

Michael Noonan: ...of the Minister's empowerment to issue directives is to fulfil the purposes of the Act. I am excluded as Minister, as was my predecessor, from any involvement in commercial decisions made by NAMA. That is the line of division. There are circumstances where a Minister may direct to protect the taxpayer's interests and I did that in the last directive I signed when there were negative...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: I really cannot help the Deputy. I do not know whether what she is saying is accurate. I assume it is. It is a matter for Cerberus to tell the Deputy why they hired Tughans. It is a matter for NAMA to tell the Deputy why it found that acceptable. I cannot throw any light on it for the Deputy. It would be entirely a matter of what happened up there. I do not know.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: Again, there was a commercial decision by NAMA. What I have been saying all the time is that when the chairman of NAMA advised me that PIMCO had withdrawn or was pushed out and that it was proceeding with the competition, it was to take the advice of Lazard to see if there was sufficient competitive tension in the process.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: It was a matter for NAMA to advise its advisers and give them the information they wanted. I presume the question was: "If we continue with the process with the remaining interested parties, will we realise best value for the taxpayer?" Whether there were ethical issues that led to the withdrawal of PIMCO or not would not have an effect on the price. I presume that was the thinking but I...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: ...the percentage of the nominal value of the asset represented by the assets being sold in Project Eagle, if one puts it in context there was over €70 billion nominal value of assets acquired by NAMA on the payment of NAMA bonds. The NAMA bonds are to the value of €30.2 billion. It is not the €30.2 billion one must look at. The price it received for Project Eagle was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Michael Noonan: That is a question for NAMA.

Written Answers — Department of Finance: National Treasury Management Agency Staff (5 Oct 2016)

Michael Noonan: NAMA staff are employees of the NTMA as Section 42 of the National Asset Management Agency Act, 2009 provides that the NTMA shall assign staff to NAMA. I am advised by NAMA that, other than a small number of staff re-assigned from other functions within the NTMA, NAMA staff are employed on the basis of specified purpose contracts i.e. their employment lasts for as long as NAMA requires...

Ceisteanna - Questions - Priority Questions: NAMA Operations (29 Sep 2016)

Michael Noonan: There are strong accountability requirements under the NAMA Act, and they have been implemented since the Act became law. The activities of NAMA are reviewed as I described, that is, in accordance with the Act. The Committee of Public Accounts is reviewing the value-for-money report produced by the Comptroller and Auditor General into Project Eagle. In the normal process of the...

Ceisteanna - Questions - Priority Questions: NAMA Assets Sale (29 Sep 2016)

Michael Noonan: ...as Chairman of the Committee of Public Accounts and worked closely with different Comptrollers and Auditors General. I have great respect for the work they do. I also have great respect for NAMA, the chairman of the board and the chief executive who have carried out their functions in accordance with law. No charge of irregularity, wrongdoing or improper behaviour has been laid against...

Ceisteanna - Questions - Priority Questions: NAMA Assets Sale (29 Sep 2016)

Michael Noonan: ...First Minister. I advise the Deputy very strongly not to do the same in this House. I am going before the Committee of Public Accounts next Thursday and will answer its questions. Representatives of NAMA appeared before it this morning when the Comptroller and Auditor General also gave evidence. Others are being called. The Taoiseach has consulted Opposition leaders and we will see...