Results 5,241-5,260 of 26,402 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 (29 Sep 2016)

David Cullinane: When NAMA was before the Committee of Public Accounts in July of last year dealing with these issues, Mr. Daly stated, "The board decided that if PIMCO did not withdraw, NAMA could not permit it to remain in the sales process." He went on to state, "Suffice it to say that it was left in no doubt that if the withdrawal was not voluntary, it would have to be involuntary." How does that tally...

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: At the July committee meeting, Mr. Daly stated:I do not think there is any indication that the involvement of those in PIMCO indicated that they were trying to pull themselves out of the sale. In fact, the whole tenor of their approach on this issue around Frank Cushnahan was to stay involved. What I am reading from Appendix E is that it was actually NAMA that was looking at alternatives...

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: Reading into Mr. McCarthy's opening statement and a report on what he said, I believe his main assertion is that NAMA failed because it simply did not inquire enough about the conflicts of interest, and that it fell short on the inquiry side of it.

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 assume this is Mr. McCarthy's judgment. I would measure all his findings or conclusions against whether there is supporting documentation, supporting evidence and so on. However, when he says NAMA appears to have taken a narrow approach, focusing on what were its legal obligations rather than the options for action to be considered, he is giving his opinion. However, given what he said...

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 Mr. McCarthy is saying-----

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: Mr. McCarthy was able to find out in his investigation that there were potential conflicts of interest that were more serious. Perhaps his team did more due diligence work on it.

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: That is a fair point. If NAMA and its board had done the same sort of due diligence work, given that PIMCO had withdrawn from the process and what Mr. McCarthy's investigation team uncovered, should NAMA have halted the sales process?

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 me make a final point. NAMA, in its defence of its reason for not taking further action when the first conflicts of interest were brought to its attention in relation to the association with Mr. Cushnahan and debtors, the PIMCO success fees and, as articulated earlier, the graceful transfer to Cerberus and the same players and so on, says it had to consider all this but that, on the...

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: On a point of clarification, not all of us were contacted.

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 welcome all the witnesses, especially Mr. Daly who is a fellow Waterford man. Mr. McDonagh, when referring to the Comptroller and Auditor General's report in his opening remarks, said, "A report which is prepared to make such a resounding and serious comment must be properly supported by convincing, formidable and sufficient evidence." I support that view. We have asked questions of the...

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: Mr. McDonagh stated: "We went back to PIMCO and informed it that the board viewed this as a very serious development [This was the success fees.] and did not think it was tenable for PIMCO to remain in the process". Does Mr. Daly still hold to that view?

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: Mr. Daly also stated:I do not think there is any indication that the involvement of those in PIMCO indicated that they were trying to pull themselves out of the sale. In fact, the whole tenor of their approach on this issue around Frank Cushnahan was to stay involved. Does he still hold that view?

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: Basically, what Mr. Daly and Mr. McDonagh stated on 9 July and in their opening statements today is that the board of NAMA was made aware of very serious issues and it took a decision to try to remove PIMCO from the sales process. What happened was that the board of NAMA and action that was taken following the board's decision led to PIMCO leaving the stage. That is Mr. Daly's and Mr....

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: We will get to that in a moment. That is Mr. Daly's contention. Page 116 of the Comptroller and Auditor General's report features minutes of a meeting of the NAMA board. Mr. Daly stated in response to Teachta McDonald and others that the board minutes reflect his view and not the view that is reflected in Appendix E, which we will discuss in a few minutes. According to Mr. Daly, the board...

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: According to the minutes, as set out on page 117: "The Board noted that, in light of the co-location of offices between Frank Cushnahan and Tughans Solicitors (Belfast), there were some reservations in respect to a success fee payment to the latter". The phrase used is "some reservations". It subsequently states:However, the Board members raised concerns [We can read into that what we...

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 final paragraph of the minutes states: "Following consideration, the Board agreed that the success fee arrangement in respect of Frank Cushnahan as advised by PIMCO on the conference call of 10th March 2014 represented a significant issue for the Board". The reference is to this being a "significant issue" for the board and to concerns being raised. Mr. Daly cannot, with any...

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: With respect, Mr. Daly is being extremely subjective and one could read different interpretations from what the minutes say. Mr. Daly's very strong contention is that the board took a decision to force PIMCO out of the game. There is no way he can say that the minutes clearly state that. There is-----

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: Does Mr. Daly have documentation to support the process?

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: This is not semantics but what is reflected in the minutes.

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 have heard Mr. Daly's response and he has given his view on and interpretation of the minutes. To be fair, that has been reflected.