Results 5,221-5,240 of 26,402 for speaker:David Cullinane

Public Accounts Committee: Business of Committee (29 Sep 2016)

David Cullinane: Was the Chair offered a briefing?

Public Accounts Committee: Business of Committee (29 Sep 2016)

David Cullinane: At least one more member was offered a briefing. I refer to an Teachta Kelly. Is that right?

Public Accounts Committee: Business of Committee (29 Sep 2016)

David Cullinane: Nobody else received such an offer.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: I thank the Chairman for that clarification and I welcome the witnesses. I first of all want to focus on the Comptroller and Auditor General's report and the 58 findings. I want to try to establish on what basis those findings were made and whether they were findings based on facts, documentary evidence and experience within NAMA; apologies, experience within the Comptroller and Auditor...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Okay. With regard to some of Mr. McCarthy's own findings, if I can call them that, there are 38 findings or conclusions, would that be a fair-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The summary, yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Is it fair to call them findings, 58 findings?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Number 7 reads: "There is no indication that NAMA or its Board had given consideration to a bulk sale of either its loan collateral in Northern Ireland or of the loans of the debtors based in Northern Ireland prior to Brown Rudnick’s correspondence in June 2013." Number 8 states that "NAMA has stated that, although not recorded formally, it considered and rejected alternative...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: It spoke about the aim of the updated strategy:The aim was to protect and enhance the value of property assets in Northern Ireland by maximising rental income, dispose of the property in the medium to long term (2014 to 2017), prioritise the disposal of grade A commercial property in Belfast, explore opportunities for the block sale of multi-unit properties, subject to a critical assessment...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The Comptroller and Auditor General stated earlier that he had some interesting discussions on semantics with the members of NAMA on the meaning of certain words in the context of the sales process, the sales strategy and the work-out value, the sales value, etc. As part of the preparation for this report, the Comptroller and Auditor General would have had a lot of communication with NAMA on...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: In the Comptroller and Auditor General's report, paragraphs 52 to 58, inclusive, deal with conflicts of interest, both in respect of Mr. Cushnahan and the presence of success fees with regard to both Cerberus and PIMCO. Were those findings or the Comptroller and Auditor General's conclusions challenged by NAMA in any of the discussions that took place?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: But the agency had a response. It would have received a draft of this report, which makes a number of very serious findings, in my view, or draws a number of conclusions.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: What the Comptroller and Auditor General is saying is that they were not robustly challenged.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: So there were three paragraphs in a statement on all of those findings regarding the conflicts of interest.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Let us take the findings individually then. One of them is that "The NAMA Board should have formally considered whether Mr Cushnahan's engagement in discussion of the strategy - including the PIMCO/Brown Rudnick approach - was consistent with his ongoing involvement as financial advisor to a significant proportion of NAMA's Northern Ireland debtor connections." Did NAMA question or query...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Okay. The next one is paragraph 55, which states:Mr Cushnahan had an office in Tughans' premises in Belfast, and two NIAC meetings had been held there. Given the joint agreement between the parties to the success fee arrangement with PIMCO, all of the payment - not just the payment to Mr Cushnahan - should have raised concerns for NAMA. Did they offer up any defence as to why it did not...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: I know it is the Comptroller and Auditor General's opinion but they had a chance to respond to his opinion. They were quick to respond to his opinion on the sales strategy, the work-out value and the credibility of the Comptroller and Auditor General's staff, but on these issues I am asking were they as robust in their defence.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: In his report, the Comptroller and Auditor General goes on to state, "The allegations of Mr Cushnahan's involvement in an arrangement to share fees with Brown Rudnick and Tughans (or the managing partner of Tughans) warranted more action by NAMA ...". Did NAMA ask at any point what further action that would have involved?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Did NAMA challenge that? Did it offer any reasons why those courses of action were not taken?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: In a couple of paragraphs, but I am talking about the actual detail. The Comptroller and Auditor General goes into detail around what NAMA could have done and where there was a lack of action in respect of the conflicts of interest. Would it be fair to say the Comptroller and Auditor General is saying is that NAMA just gave a very general response as to why it did not do it?