Results 20,581-20,600 of 26,793 for 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: Mr. Daly says if-----
- 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 will leave-----
- 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 will move onto another topic. With respect, Mr. Daly is counting on the clock now and what I will leave there is the letter we got from PIMCO and the evidence from Cerberus. Obviously, we will have to make up our own minds on all of that. I want to draw Mr. Daly's attention to another paragraph of the same minutes. These are signed minutes, so there was never adaption of them. These...
- 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: They do. I will read from them again: "Following further discussion the Board noted that, subject to Lazard's advice", etc. For Lazard to give the advice, it would have to be in possession of the information. However, NAMA did not give Lazard the information.
- 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: No. That is-----
- 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: Sorry, that is not the case. "As was possible" relates to giving the information to the bidders, not Lazard having the advice, which is different. Representatives Lazard appeared before the committee, and I want to make Mr. Daly aware of what they said. Mr. Daly put on the record some of what they said but he was quite selective in that regard. When Mr. Long of Lazard was here, he said he...
- 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: No, this is what they said. I took the transcript of it. This is what was said by-----
- 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 took it from the video.
- 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: Yes, so it is 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)
David Cullinane: No.
- 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 understand that, but what I am saying is-----
- 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: Unfortunately, the record is just not on the website yet.
- 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: Yes.
- 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: With respect to the Chairman, I am giving them the benefit of it because I am reporting back word for word what was said.
- 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 Chairman can see that, but I will-----
- 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 has given that qualification, and I accept it so I will continue. Mr. Long said that it was valuable information that would have been useful for him at the time, and yes, it concerned him that he did not have it. He was speaking of the fact that he and Lazard were not made aware of the success fee between PIMCO, Brown Rudnick, Mr. Cushnahan and Tughans. This is what happened....
- 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: Lazard had no role in 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: Lazard was an adviser. Its representatives told us that it would have had a role.
- 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 would have had a role to play in relation to the integrity of the process. If Mr. Daly is saying that he would not have involved Lazard, why, then, in NAMA's minutes does it say: "Following further discussion the Board noted that, subject to Lazard's advice, it was minded to be as upfront as was possible with other bidders in relation to PIMCO's withdrawal"?
- 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: With respect, I am going to cut to the chase. There was talk of Lazard being in the position to give advice on how NAMA could relay information to other bidders. The fact is that Lazard was not given that information. The final point I will make is that Lazard went on to say that it had complete information and accepted that the process had become compromised. That comes from Lazard.