Results 81-100 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) (24 Nov 2016)

David Cullinane: ...that, then clearly, as I have outlined, given Mr. Cushnahan's association with the NIAC, his association with debtors and that they were the ones that approached PIMCO, which then approached NAMA, does that not indicate to Mr. Daly that this whole process had become compromised?

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)

David Cullinane: ...gave an account of a number of different events which Mr. Daly also disputes. He also disputes the Comptroller and Auditor General's report. It seems there is some sort of conspiracy according to NAMA against it by the Comptroller and Auditor General, by PIMCO and by others who give a contrary view.

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)

David Cullinane: What would the consequences have been if they had told 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)

David Cullinane: Let us follow Mr. Daly's logic for a second. PIMCO did not disclose this information to NAMA. Had they disclosed this information to NAMA, this happened in April 2013. Mr. Cushnahan was still a member of NIAC and he had an association with debtors. Mr. Daly mentioned earlier that it is unbelievable to suggest that NAMA would not have acted. What would NAMA have had to do?

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)

David Cullinane: If they had the same view as Mr Daly, which I am sure they would, that means, to follow the logic of Mr. Daly's argument, because they did not give NAMA that information that they were somehow complicit in a compromised process.

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)

David Cullinane: Mr. Daly is the chairman of NAMA and we have gone through all this ad nauseam. Mr. Daly said he was not aware that this all happened in April 2013, so any association that Mr. Cushnahan would have had with Brown Rudnick and Tughans would have been post-November 2013 when he left. For the record and for the purposes of clarity, is Mr. Daly telling me that nobody in NAMA, neither himself nor...

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)

David Cullinane: It does not say it in the document. I asked whether anyone from NAMA had asked whether anyone from PIMCO had an association with Frank Cushnahan when he was a member of the board. That is not reflected.

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)

David Cullinane: Nothing in that answer clears up anything for me. I asked a simple question. Did anyone in NAMA ask representatives of PIMCO when they had an association with Frank Cushnahan via Brown Rudnick and Tughans? Mr. Daly has said that they did, because Ronnie Hanna asked when PIMCO became aware of it. I am trying to establish the response. What date did they say that they had an arrangement...

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)

David Cullinane: This is the point. If I was a board member and I was in the position of the NAMA chairman I would want to know the date explicitly in order to be absolutely clear that when the association first arose, the person was not a member of the NAMA Northern Ireland advisory committee. Mr. Daly is telling me that he did not get that. NAMA asked the question but did not get the response.

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)

David Cullinane: NAMA asked the question directly. Mr. Daly is telling me that the direct question was asked to PIMCO about at the point at which they initiated contact with Frank Cushnahan.

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)

David Cullinane: I find it extraordinary that not one of the NAMA board, chief executive or chairman would not have established exactly from the PIMCO representatives on 10 or 11 or 12 March when they first had any contact with Frank Cushnahan. If they did not get that information, then they should have done what I referred to earlier, that is to say, they should have contacted NTMA compliance and brought 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)

David Cullinane: This is my last point. The suggestion that NAMA did not ask because it may not have got the information is no defence for not asking. I will leave it at that.

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)

David Cullinane: ...and PIMCO when he was a member of the board. We also do not know the answer because there is no reference to any date in the same minutes, apart from April 2013, which is in the board minutes. NAMA wants us to believe that it asked the question but PIMCO did not answer it.

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)

David Cullinane: ...that it did not happen. I will try one more time but do it in a different way. I will put this question to Ms O'Reilly. According to Mr. Daly, Mr. McDonagh and the board, on 10, 11 and 12 March, NAMA was not in possession of the actual date when Mr. Cushnahan first had an association with Brown Rudnick and Tughans. That is very clear.

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)

David Cullinane: We may disagree on that. That is what NAMA is saying. Why was that the case?

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)

David Cullinane: The point is that we know that on 10, 11 and 12 March, the board, CEO and the chairman of NAMA were aware of a success fee arrangement between Brown Rudnick, Tughans and Frank Cushnahan, but at no point on those three occasions was NAMA able to acquire the actual date. There had to be a reason for that and the reason was either that NAMA asked for the information and was not given it or it...

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)

David Cullinane: ...question. We want to know the date because Mr. Cushnahan was a member of the Northern Ireland advisory committee and we want to be very clear that there was no association when he was a member. NAMA asked for the date and did not get it. Surely it would go back again and say that it needed the date. Was that done?

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)

David Cullinane: I am putting myself in the shoes of the NAMA board. I am a NAMA board member. I am made aware of a success fee arrangement that involves a member of the Northern Ireland advisory committee. I do not know when that relationship started. I would try to get that information. Mr. Stewart says NAMA tried to get the information and did not get it. At no point was that ever established, which...

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)

David Cullinane: -----I asked him whether Cerberus was made aware by NAMA that PIMCO had a success fee arrangement with Mr. Cushnahan who had been a member of the Northern Ireland advisory committee, Brown Rudnick and Tughans and he said "No". I asked him whether that information would have been useful to Cerberus and he said of course it would have been. Of course it would have been useful information 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)

David Cullinane: ...who said when he said one cannot disentangle Mr. Cushnahan from Brown Rudnick and Tughans. It also goes back to what the Comptroller and Auditor General said in his final finding. He said that NAMA was concerned about being legally OK but was not concerned with actually drilling down into it and making sure that Cerberus had access to the full information so that when it gave NAMA a...