Results 141-160 of 386 for nama speaker:Catherine Connolly

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)

Catherine Connolly: Representatives of Lazard which had been employed by NAMA as a specialist came before the committee and said PIMCO had had an advantage.

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)

Catherine Connolly: ...I continuously go back to the report and the concerns raised in it. We look at the conflict of interest and in relation to that Mr. Daly quoted Lazard as saying it was happy or satisfied and gave NAMA an assurance. Is that right?

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)

Catherine Connolly: It does because Mr. Daly has quoted him today; "fully endorsed the process". Mr. Daly has chosen to say that today and he is entitled to, but Mr. Long also said that PIMCO had an advantage and NAMA chose not to take that on board. He also said he should have been told. That is what he said. When he gave NAMA an assurance, it was a qualified assurance on the information given. Does Mr....

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)

Catherine Connolly: He said it and he was NAMA's sales adviser.

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)

Catherine Connolly: He has actually said that to this committee, so I do not need to keep going on. He said it and NAMA does not accept it. Earlier, I asked Mr. Collison about the interaction with Lazard and the bidders. Perhaps he could clarify that for me. I asked if he accepted that the understanding set out was understanding set out. We will not quote it at this time of the evening, but Lazard came back...

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)

Catherine Connolly: Therefore, was it NAMA that placed Oaktree in the first three?

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)

Catherine Connolly: One second. Did Lazard come with three? Did Lazard come back to NAMA and say that these were the three it was putting in the top tier?

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)

Catherine Connolly: Therefore, NAMA put more value on Oaktree at that point.

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)

Catherine Connolly: That is okay. During that discussion, would it be fair to say that Mr. Collison or whoever was present made that point and said that NAMA has had more interaction with Oaktree and would put it in the first three?

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)

Catherine Connolly: Would that have come from Mr. Collison or would it have come from NAMA?

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)

Catherine Connolly: I understand. I am not taking from any of that. Ultimately, however, was it NAMA personnel that said to put Oaktree up and place Cerberus down lower?

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)

Catherine Connolly: ...the sales process and gives rise to the longest chapter in the report. Lazard has been quoted as giving the thumbs up and having fully endorsed the process. My questions is: what was the role of NAMA in this and the pitch book? Mr. Collison will tell me if I am wrong, but NAMA came back and said to take Cerberus out and put Oaktree in.

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)

Catherine Connolly: I have asked the NAMA representatives repeatedly if they accept that the Comptroller and Auditor General, in his report, made no decisions and that he did not comment on NAMA's commercial decision. We are finished with the 5.5% versus 10% debate, in my opinion. However, I stand open to correction. We are also finished with the Comptroller and Auditor General's lack of experience or...

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)

Catherine Connolly: Yes, of the change in policy. Up to then, NAMA did not have that policy. It was changing policy completely. Did NAMA risk assess the decision?

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)

Catherine Connolly: .... McDonagh's statement, he argues about the 5.5% and the 10% all over again. This is about the third time. Really, the issues are as set out here. They are basic issues, namely, interest and how NAMA handled it, the sales process, whether the process gave reassurance to the Comptroller and Auditor General's office and so on. That is what is set out. I asked Mr. Daly if NAMA risk...

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)

Catherine Connolly: In PIMCO's opinion, it would not have been less because it assessed the market much more positively than NAMA. That is a fact. That is set out. That is a fact that has been set out by PIMCO. Let me ask a few more specific questions. I have a question about Cerberus for the legal team. When it was communicated to NAMA that there was €15 million - all of this has been set out and...

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)

Catherine Connolly: I am not asking about that aspect of the legal position. That has been outlined previously. It is outlined fairly in the Comptroller and Auditor General's report. He takes NAMA's view and he outlines it. My question to Ms O'Reilly and Mr. Stewart, as legal people, concerns the phone calls they had. Mr. Stewart was present for all the phone calls, I think; Ms O'Reilly was present for...

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)

Catherine Connolly: ...? I tried to understand this earlier and failed to do so. Are Ms O'Reilly and Mr. Stewart telling us that solicitors, knowing everything, can walk from one company, in this case PIMCO - and NAMA knew that the solicitors were to receive fees - and the very next day go to the new bidders. NAMA became aware of that on 3 April. Again, did alarm bells not go off in the heads of Ms O'Reilly...

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)

Catherine Connolly: Is Ms O'Reilly telling the committee that there was no obligation under the non-disclosure agreement for Cerberus, the bidder, to tell NAMA that it had taken on Brown Rudnick?

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)

Catherine Connolly: ...question to Ms O'Reilly is a little broader. She said she read the non-disclosure agreement. Is she telling the committee, as a matter of record, that there was no obligation on Cerberus to tell NAMA that it had engaged Brown Rudnick?