Results 61-80 of 193 for nama speaker:Alan Kelly

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)

Alan Kelly: ...from the documentation that was sent to the Minister, Deputy Noonan, from the then Minister of Finance in Northern Ireland, which had been sent on by Brown Rudnick, before our Minster sent it to NAMA that there was a concern about a fire sale of assets in Northern Ireland. Obviously, we would be sensitive to that. Northern Ireland is not just any other country to us - it is something in...

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)

Alan Kelly: We will be here for a while. There is a pathway from the meeting to which I referred to the sale of Project Eagle, over which there are many question marks. Regarding section 10 of the NAMA Act, the sale of assets and the legal requirement that NAMA get best value, would it not be fair to say that the Northern Ireland portfolio was no normal group of properties? For many reasons and...

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)

Alan Kelly: Fair enough, and we will get the other side of those stories when they appear before the committee. Did it not sound odd to the Minister at the time that PIMCO withdrew? NAMA representatives have said that they got PIMCO to withdraw, but PIMCO is of a different view. Granted this was a difficult and busy time in the Government as there were ongoing issues regarding charities and the Garda...

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)

Alan Kelly: On a point of information, the Minister said that PIMCO withdrew but NAMA contradicts that and says it pushed PIMCO off the table. NAMA contradicts the Minister.

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

Alan Kelly: ...comments and teased out the question of the £190 million. From an auditing point of view, there is a view in respect of the work done by the Comptroller and Auditor General and then there is the NAMA view. There is a debate around business risk and all the variables that brings about as well. Is Mr. McCarthy absolute about the £190 million? Could that have been £140,...

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

Alan Kelly: This committee has established that as a key component and we will debate that with NAMA representatives later. What was the time difference from the first challenge from the UK and second from the director? Was the second challenge that Mr. McCarthy put in place - which I welcome - as a result of the issues that the first challenge brought about?

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

Alan Kelly: I will keep going. Have NAMA representatives ever before taken issue with the expertise in the Office of the Comptroller and Auditor General?

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

Alan Kelly: ...drafts were produced. The final two were sent to the Department of Finance but there were four in total. Obviously, they continually raised issues in respect of the expertise in the office, as NAMA representatives have said publicly. Did they do that all the way through or was it something they were using towards the end?

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

Alan Kelly: The board of NAMA includes the former chairman of the tax authority and a number of other representatives from the National Treasury Management Agency etc. How does this make Mr. McCarthy feel? It must be unprecedented that individuals of this status who are on the board of NAMA are basically, to paraphrase what Deputy Connolly check said, saying that Mr. McCarthy does not know how to do...

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

Alan Kelly: ...the three different organisations. For many of us in the committee, this information was brought to light subsequently. It was a retrospective, post the report or findings and the engagement with NAMA. It is strange that the Comptroller and Auditor General agrees with those three reports. Yet they back up the views of NAMA representatives in respect of what they did. Mr. McCarthy...

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

Alan Kelly: Mr. McCarthy is saying that if they had to use that as part of their equations for analysis, they would have come to different findings. On the question that NAMA asked in respect of the three different reports, they gave the right answers. However, if they asked the right questions they would have got a different answer. Is that correct?

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

Alan Kelly: In other words, Mr. McCarthy agrees with the reports because of the premise on which NAMA asked them to do the reports.

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

Alan Kelly: On what Mr. McCarthy is saying about Mr. Cushnahan, is it fair to say that NAMA did what it was obliged by law to do in respect of dealing with the information that came out about his role rather than what was prudent and right?

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

Alan Kelly: In a similar way to the treatment of Mr. Cushnahan, Cerberus gave an assurance, in respect of the success fee and payments, that nobody from NAMA would be paid as a result of this. Is it fair to say that legally it was covering itself but did not extend that to other third party payments, such as a step-down payment possibility to people who had some association with NAMA? Was it covering...

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

Alan Kelly: NAMA is constantly challenging advice and external advice, which is not something I necessarily agree with. I am intrigued, however, that when Mr. McCarthy tendered for external advice, he got only one and there was a potential conflict, which is fair enough. It is quite incredible that there was only one. Was the tender too restrictive? Is there anything we can learn from that? Did Mr....

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

Alan Kelly: ...expect that he will be here on a number of occasions in the coming months. I have a straight question. There is a huge amount of detail here which we have all gone through. Does Mr. Daly believe NAMA did anything wrong in respect of the sales process for Project Eagle?

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

Alan Kelly: Does Mr. Daly believe NAMA could have handled aspects of this sale better?

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

Alan Kelly: Let us stick to what I am saying here. Does Mr. Daly believe NAMA could have handled aspects of this better?

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

Alan Kelly: So NAMA would do everything the same way now?

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

Alan Kelly: We cannot analyse that for the very reason mentioned by Mr. Daly, which is NAMA's weakness, because decisions are recorded in the minutes but there is a big gap as regards the logic the board used in respect of those four things I just outlined, namely, business risk, debtor engagement, political pressure and diplomacy. That is not recorded anywhere for us to see if it was the logic behind...