Results 20,701-20,720 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: What is then-----

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 struggling with this. Ms O'Reilly might help me understand it. It says "who had introduced the deal to PIMCO" and Ms O'Reilly says there is a comma after "PIMCO". What is the relevance of Tughans Solicitors and 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 want to be fair to NAMA but the problem here is we are left with a situation where we have to look at the process and what we perceive potentially to be failures in process. Mr. Daly said earlier that he believed the facts that were set out in the PIMCO letter. The problem is that those facts were not relayed to the board. Was that Mr. Daly's testimony earlier today?

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: Does Mr. Daly believe PIMCO when-----

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: Does Mr. Daly believe PIMCO? We disagreed on that but does Mr. Daly believe PIMCO when it says that in April 2013 it was approached by Brown Rudnick and also Tughans and Mr. Cushnahan? Does Mr. Daly believe PIMCO when it says that in its letter?

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: Does Mr. Daly believe PIMCO?

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 Mr. Daly believes PIMCO and that is what happened then we had a situation where somebody within NAMA, even though it was the NIAC, and Brown Rudnick and Tughans approached PIMCO. Much of the criticism of the process by the Comptroller and Auditor was that there was a sharp deviation from standard sales practice. There was a shift from a work out of the assets to a loan sales strategy 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)

David Cullinane: No, but they also say, and Mr. Daly is being selective in his quotes, that in April 2013 they got an unsolicited approach from Brown Rudnick and Tughans, Ian Coulter and Mr. Cushnahan. They are very clear about that. They offered up the April 2013 date.

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: All of this was before PIMCO approached 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: That is my point. That is what I was trying to get at earlier. In terms of the process, if that was the case and Mr. Daly accepts that, we have a situation where there was no Project Eagle. There was a sales strategy, which was to work out the assets and we have Frank Cushnahan who is a member of the Northern Ireland Advisory Committee, NIAC. We have an internal law firm, 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)

David Cullinane: Is that not what PIMCO says 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: Mr. Daly has no reason to dispute 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: If Mr. Daly does not dispute 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: How could it not be 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: The problem there is that he was involved in a success fee with Brown Rudnick and Tughans which we now know.

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 quote what Mr. Long from Lazard said when he appeared before the committee. We went through this earlier where the same board minute suggested that, subject to Lazard's advice because it would have been given the information about the success fees, it was minded to be as upfront as was possible with bidders. We went through that earlier. When Mr. Long was responding to this, he 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: Mr. Daly is missing the point. I am not talking about the best price.

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 not disputing, or at least the Comptroller and Auditor General does not in his report-----

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 did not put the question about the price; I put the question about whether the process was compromised, which is entirely different. What Mr. Long said was that the process was inappropriate as how could he, Mr. Cushnahan be disentangled from Tughans and Brown Rudnick. That is the point, that he could not be disentangled from them.

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. Long also made the point that the process was inappropriate. We know that PIMCO 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.