Results 5,261-5,280 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: The words used were "whether PIMCO's bid, at this stage, was fatally flawed". The word is "whether" but, as Mr. Daly said, we can disagree on the wording.

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 Mr. Daly's opinion.

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 has a different opinion and the opinion expressed in the report is also different. We will get to that in Appendix E. Let us tease that out.

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, the test of whether Mr. Daly's version of the minutes holds any water is in Appendix E, which we will go through line by line. Before we do so, Appendix E, as I read it, is a summary of communications and conference calls between PIMCO and NAMA. This information was given to the Comptroller and Auditor General and it is his synopsis of what happened. We will go through 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: The head of asset recovery was Ronnie Hanna. Is that correct?

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: Appendix E continues as follows:PIMCO informed NAMA that its external legal advisors, Brown Rudnick, had initially proposed the Project Eagle deal to PIMCO and that a success fee arrangement was in place between PIMCO and Brown Rudnick. Following enquiries, PIMCO had learnt that the fee was to be split three ways between Brown Rudnick, Tughans and Mr Frank Cushnahan, a former NIAC member....

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 an important line of questioning. The report goes on to state:Following a special meeting of the NAMA board of 11 March 2014, a call was convened with PIMCO. During a call later that evening (11 March 2014) PIMCO expressed its disappointment that disclosures of interest had not been made to NAMA. PIMCO stated that it did not want to remain in a process that could be associated with...

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 can read them

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 was discussed were other options and how they could shape the arrangement differently for the fee to come out.

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 does not alter the reality of the discussion and the fact that the reading of this does not corroborate what Mr. Daly said earlier. PIMCO withdrew from the process and there was what was described earlier as a "graceful transition" of two of the actors in respect of success fees, who moved lock, stock and barrel over to Cerberus. Again, NAMA took no action. While PIMCO had the sense...

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: There is only one man left standing.

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: And years 2013 and 2014.

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: Go raibh maith agat. I know it has been a long day, but it is important for us to try to tease out as much of this as possible. I will pick up where I left off earlier with Mr. Daly and Mr. McDonagh. Some of this has been teased out. I want to come back to it again because I think it is important. Mr. Daly said earlier that people have moved away from the pricing issue. I focused 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: Did anything prevent NAMA-----

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: Whatever about the contractual arrangement, in light of what NAMA knew and given that this was not retrospective, did anything prevent it from contacting Brown Rudnick or Tughans?

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 did not ask whether there was a contractual relationship-----

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 asked whether there was any legal impediment to NAMA inquiring.

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 problem with NAMA's world view on this is that Mr. Daly said in his opening statement that - and he spoke about the success fee, Mr. Cushnahan and all of the conflicts of interest, which is fair enough - that NAMA had to weigh up the potentially serious costs and consequences for the agency if it were to withdraw from the process, for other State-owned banks and for the sovereign of...

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 should allow me to finish. From what I take from Mr. Daly's opening statement, the logic of the position is that he accepts that there were problems on the purchasing side and that the situation was so bad that PIMCO had to go. However, perhaps it was not so bad when some of the same players were involved with Cerberus. Mr. Daly weighed up the consequences and decided that 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: No.