Results 21-40 of 55 for nama speaker:Josepha Madigan

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Josepha Madigan: The reason I am asking is that he was quite adamant to say that he did not advise NAMA at all.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Josepha Madigan: It was only one sentence, as I said. NAMA has claimed that there was a deteriorating relationship, which is how it was put, with the Project Eagle debtors. This seems to me to have been a major factor in applying a high discount rate to the portfolio's valuation. The Comptroller and Auditor General told us that he sought evidence of these deteriorating relationships but did not get any....

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)

Josepha Madigan: ...sale advisers for Project Arrow have said that it is not market practice to have a single marketing phase. As Mr. Long said earlier, he was employed to engage in a marketing process on behalf of 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)

Josepha Madigan: Why does Mr. Long think NAMA wanted to do so? Earlier I was struck by a comment made by Mr. Long that it was his sense, which was the word he used-----

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)

Josepha Madigan: -----that NAMA did not want to lose PIMCO-----

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)

Josepha Madigan: Still, that is quite an important aspect. I do not think NAMA should give preferential treatment to any potential bidder.

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)

Josepha Madigan: If Mr. Long's sense or prevailing sense as he said is that NAMA were because it did not want to lose PIMCO. I ask Mr. Long to elaborate on the matter.

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)

Josepha Madigan: I note that some firms requested an extension of time but were denied same. They had wanted to carry out due diligence but were refused an extension. NAMA, subsequently, agreed to extend the time by two weeks for the two remaining firms - Cerberus and Fortress.

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)

Josepha Madigan: Did NAMA ever discuss why it wanted to keep the sales process confidential?

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)

Josepha Madigan: What about the fact that PIMCO, Brown Rudnick and Tughans could have been using local valuers until that time? They did not sign the non-disclosure agreements with NAMA until October or November 2013.

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)

Josepha Madigan: ...Comptroller and Auditor General's report, there is a very revealing paragraph on Lazard's position in these proceedings. Paragraph 4.44 states:In response to a series of questions put to them by NAMA, Lazard stated to NAMA on 31 March 2016 that - Apart from the nine global investors who participated in the process, there is no evidence that any other investor existed at the time [...]...

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)

Josepha Madigan: A successful sale for NAMA is a successful sale for Lazard. That is how it works.

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)

Josepha Madigan: ...secure the bid. This is the underlying theme. The comment made, almost as an obiter dictumor off-the-cuff remark, about tone at the top indicates this to me. What is also interesting is that NAMA described the assets as low value but Cerberus was still interested in bidding. I know I have spoken a little bit, but I would like Mr. Neporent to answer some of this for me, if he does not mind.

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)

Josepha Madigan: ...very explosive. There is a question of fabrication here, and who is telling the truth and who is not. It is quite shocking to read this letter. I would be looking for a detailed response from NAMA and also to bring its representatives - particularly Mr. Stewart, who has already given some evidence on this issue -before us for further discussions. I would also be interested in hearing...

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)

Josepha Madigan: I understand Deputy Cassells' point but we have to allow NAMA the opportunity to respond to this as well because we are not a court. I accept the chief executive officer put his name to this. NAMA has also given its submissions here. We need to be careful that we do not have people proven guilty until it is done.

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)

Josepha Madigan: We must be very careful. I am not taking sides at all here, but looking at it very objectively, NAMA has come before the committee and given evidence, and we have a letter from Tom Rice. He states he will not give evidence on very serious assertions he put in his letter. If he cannot make it to this committee room, somebody else should be in his stead because he has put his name to this...

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)

Josepha Madigan: Does Mr. McCarthy accept that the Project Eagle assets were of a lower quality than other NAMA assets?

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)

Josepha Madigan: ...at the expense of the rest of the rationale for the Act. Ms Nolan mentioned the word "expeditiously" on numerous occasions. She mentioned that in the report. Even though I have not put this to NAMA, I intend to do so. To be fair to it, in a sense it was straitjacketed because of the language used in the NAMA Act. Section 2 refers to being expeditious and, I think, efficient....

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)

Josepha Madigan: ...? There must be due process and thinking around actions that are taken in the interests of the public and not just haste. That is the point I am making. I acknowledge Ms Nolan's statement that NAMA took its mandate very seriously because of the Act but whether that has implications is a concern.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Josepha Madigan: ...in a certain way. That is my reading of it. There were a lot of references to due diligence and best practice in the opening statement but this is the first time we have heard talk from NAMA of those issues. There is a concerted effort on the part of NAMA to provide clarification around the valuations, the sales process, the governance and all of the issues that we have discussed to...