Results 181-200 of 309 for nama speaker:David Cullinane

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)

David Cullinane: The point is that there was an exchange. Mr. Stewart was a conduit for the board and he was one of those who were party to the conference calls between NAMA and PIMCO. The board was concerned about the success fees and PIMCO had come to NAMA to make it aware of it. When NAMA was made aware of it, the Minister was then contacted by the chair of NAMA. Mr. Stewart is a legal person working...

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)

David Cullinane: Was NAMA legal ever made aware of it?

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)

David Cullinane: Therefore, NAMA legal was made aware of it.

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)

David Cullinane: Was NAMA legal ever asked for its opinion on the so-called letter of comfort from Cerberus? Was it asked whether there were legal or compliance issues?

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)

David Cullinane: Is this why the Comptroller and Auditor General says in his report that NAMA was more concerned with its legal responsibilities, not with forensically interrogating what was happening with the success fee?

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)

David Cullinane: The letter of compliance was from Cerberus in which it confirmed it was not paying money to anybody associated with NAMA. My understanding of the Comptroller and Auditor General's criticism is that we do not know if Tughans and Brown Rudnick were making payments to others. Was that ever highlighted as a concern by NAMA legal?

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)

David Cullinane: Was this Cerberus or NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: To follow up on the matter, it would be valuable to write back to NAMA to say a number of presentations were given prior to the 2014 presentation that it cites that NAMA failed to mention in its letter. It is in the documentation. In 2012 and 2013, detailed presentations were given about the Ulster University's study.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We should ask NAMA for a full list of whatever presentations were given, not just the 2014 one but any presentations that were given, either to the NIAC or 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) (18 Oct 2016)

David Cullinane: I welcome our witnesses and a welcome back to Mr. McEnery. I believe he was here a few weeks ago also. I found the opening statement by Mr. Soffe to be quite defensive. The board of NAMA has a right to defend itself but I found the statement itself to be quite defensive and emotional in some ways. Emotional statements were made rather than statements of fact, but we will return to that...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: ...would have to fill in a written declaration. The information was not shared with anybody else, or other members. He then said that he hoped the same process runs through "the spinal cord" of the NAMA board. If somebody declared a conflict of interest before the meeting was that then shared with other members of the board? Was it kept private?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: ...the chair make reference to it or allude to it. It was just handed to the person who had responsibility for it, the information was not shared with anybody else. Mr. Soffe is saying that at the NAMA board meetings a different process was followed, where the chairperson would ask if there were any conflicts of interest, and if there were, someone would remove themselves. This seems to be...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: You all have. Prior to appointment to the NAMA board did Mr. McEnery work for any companies that had any association with NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: To move to the discount rate. I think NAMA has put out a lot of misinformation on this because it seems to peddle the line that the Comptroller and Auditor General in his report was making a claim that the 5.5% discount rate should have been applied and not the 10.5% which was what it calls the market rate. That is not accurate. The Comptroller and Auditor General's report says that the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: NAMA needs to present that to us in more detail. All of this was done on the basis of painstaking work by the Comptroller and Auditor General's office. This was a serious bone of contention between NAMA and the Comptroller and Auditor General. There would have been a lot of toing and froing and the Comptroller and Auditor General's office would have looked for all the supporting...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Can NAMA provide evidence that the board believed that should be applied to Project Eagle?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: ...that a fully open sales process, which would by its nature take longer to conduct, would freeze activity in the Northern Ireland market for a period of nine to 12 months." He went on to say NAMA "did not believe that a fully open sales process would yield any additional benefit in terms of identifying other credible bidders or of getting a higher price." Mr. Daly certainly seemed to be...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Is it credible to say the process was competitive and open when the chairman of NAMA has stated to this committee that, in fact, a "fully open sales process" would not yield any additional benefit? What the witnesses are failing to acknowledge is that some of the bidders are not happy with how the process was conducted. That is clearly set out in the Comptroller and Auditor General's...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: ...and what we know. It has been accepted by the Minister that there was a corrupted process. We know from Mr. Daly's evidence given before the committee that such was the shock within the board of NAMA when they found out about the success fees, that PIMCO had to get out of town very quickly. That is disputed in the Comptroller and Auditor General's report. That is what I am trying to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: ...attended the committee on this subject, I put that to him. He had looked at all the documentation that was available in terms of the conference calls, notes that were taken by the legal team from NAMA and others, and he came to the view that PIMCO voluntarily withdrew from the process. Let us look at what is said in the report. We have it up on the screen. It is under the heading of...