Results 161-180 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: ...last week. The CEO and the chairperson could equally have got red cards for their opening statements. Mr. Collison's statement was more measured. I do not know if that represents a change in NAMA's strategy but it is certainly welcome. There are two issues I want to deal with, the discount rate and conflicts of interest and discussions between NAMA and PIMCO. There was reference to...

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: I will get to that. He has not referred to, and does not dispute, the market rate being applied if it was a loan sale or a fire sale. That is not his contention. His contention is that if NAMA holds and works out the assets in the manner in which it was originally intended then the 5.5% discount rate would apply. Is that fair enough?

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: I accept that. In the letter we got from NAMA this week, setting out the issues relating to the discount rate there is reference to the end of 2012 accounts-----

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: No, it is the correspondence from a Martin Whelan, head of public affairs in NAMA.

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: Yes R-115 B, page 3, 1h. It refers to NAMA's end of 2012 accounts which were audited by the Comptroller and Auditor General and published in May 2013 the approach adopted by NAMA was to discount all future cash flows at a discount rate of 10%, which was deemed an appropriate discount rate at the time. It does not go on to refer to something that is in today's opening statement, the fair...

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: What NAMA wanted us to believe, and this is the crux of the matter, when it is pressed about the 10% discount rate that was applied it talked about the 2012 accounts, the 2013 accounts and the fair value methodology and all of that. That is the excuse that is given. On page 9 of the opening statement, however, we read, "The fair value methodology adopted in the 2013 accounts involved the...

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: When Mr. Collison says "informed" and "advised", I am being quite specific. Was it documentary evidence, did it come from experts, was it internal, from people within NAMA, was it presented orally? How was the information given to the board presented?

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: ...in our possession. I am not interested in what might be around or not around. If they exist, we need them. We have sought them. We have asked over and over again and we have not received them. NAMA needs to give us that documentary evidence. I am talking about documents that refer specifically to Project Eagle and some of the issues that Mr. Collison alluded to about the difficulty...

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: ...rate of 10% for cash flows arising during the period from 2017 to 2020". We discussed this earlier. He put a lot of stock in this in criticising the Comptroller and Auditor General. The head of NAMA was also quite critical of the lack of what he called "market experience" within the Office of the Comptroller and Auditor General as well. Essentially, Mr. Collison is falling back on the...

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: ...his response. We are looking for the rationale and the justification for applying a 10% discount rate and not a 5.5% rate based on evidence and expert opinion, and not internal verbal advice from NAMA. I asked earlier about documents. I was told documents are floating around. We have not got them but we need them. Mr. Rooney cannot fall back on 2013 because, by his own admission, 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: ...lets me make the point, he is confusing the issue because the Project Eagle sale was in 2014. By his own admission, the 2013 accounts detail a 5.5% discount rate for cashflow discounts for 2014. NAMA applied a 10% discount rate, so he cannot use that justification.

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 Comptroller and Auditor General never criticised the market rate or the fair value rate that Mr. Rooney is talking about in terms of a loan sale. That is not coming across when anybody from NAMA deals with it. We received some clarification today but the witnesses really need to reflect on that because NAMA representatives cannot appear before the committee and twist what the...

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: A solicitor. The justification that Mr. Stewart gave for NAMA not passing this on to NTMA compliance was that there was no real need because PIMCO had eventually withdrawn from the process. It is a very weak argument.

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: Mr. Stewart was asked a specific question by the Chairman, I think it was, why he or anybody else in NAMA did not pass this information on to NTMA compliance. His response was that it was because NAMA was made aware of it, the board had to discuss and, in any event, by the time it would have gotten around to it, PIMCO had withdrawn. That is a very weak legal response to a serious issue in...

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: Let us come back to record 3 of the information we received today. It is my last line of questioning. It states in record 3, "TR [Tom Rice] said the [Project Eagle] process had been with NAMA for several months referenced April/May 2013. This development went back to the origination of the deal with Pimco and the proposal for an acquisition fee". I am presuming that is 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: Is Mr. Stewart saying that PIMCO would have been aware of this in 2013 and only made NAMA aware of it in 2014? Is that his recollection 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: I understand the split charge, but what Mr. Stewart is saying is that he is absolutely certain that nobody in NAMA would have known of the success fee until late 2014.

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: ...Mary Lou McDonald, but I was not satisfied. On the same page, on record 3, it states, "[Tom Rice] TR said they did not want to continue in a process with any degree of impropriety for Pimco or NAMA and that Pimco was willing to withdraw completely." It continues, "[Ronnie Hanna] asked whether Pimco considered other options." Mr. Stewart then justified that by saying there was a previous...

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: We have a situation where, when Mr. Daly, Mr. McDonagh and three board members were here, they were all singing from the same hymn sheet, which was that NAMA took the very strong robust position that PIMCO had to go. That was their position, and that PIMCO was left under no illusions. As far as NAMA was concerned, it had to go. That is not reflected in any of the minutes I have here....

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: It withdrew itself. That is very important, because that is not what NAMA was telling us. That is, at least, what Mr. Daly told us. We were led to believe that right through, because we had to seek clarification from the Comptroller and Auditor General several times as to whether PIMCO voluntarily withdrew. It is good that we now have someone from NAMA's legal division actually accepting...