Results 5,461-5,480 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 (Resumed) (13 Oct 2016)

David Cullinane: When NAMA became aware of that, and at some point it was made aware, does Mr. Rowntree believe that a sufficient course of action was taken? The Comptroller and Auditor General was quite critical of how it dealt with this-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: I know that is a decision for NAMA. I was just trying to get Mr. Rowntree's view as 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 (Resumed) (13 Oct 2016)

David Cullinane: Mr. Rowntree is saying that the same process could have been applied in terms of the declarations being made by way of paperwork before meetings. That possibly was applied at board level too.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: We do not know that but we will ask NAMA and get clarification. That is an interesting point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Mr. Rowntree made another important and honest point in his opening statement, "It is important that the allegations surrounding the Project Eagle sale are investigated in full" - we all accept that - "and that any such investigations look also at the corporate governance controls, both executive and non-executive, surrounding the bid process".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: What does Mr. Rowntree mean by "corporate governance controls"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Why would Mr. Rowntree say the investigation should also consider the corporate governance controls? That would suggest he sees something there that needs to be investigated?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: It is about the conflict of interest.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Can Mr. Rowntree elaborate on that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: He went on to say, "It is important that integrity is the key principle in any such investigations and any confirmed breach of integrity must have supporting accountability and sanction".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: What does Mr. Rowntree mean by integrity?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Does he believe that people associated with NAMA, or any individual associated with NAMA, did not show integrity or breached integrity?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: We have the facts on Mr. Cushnahan. The Comptroller and Auditor General's report actually is evidence based. It took a number of years to publish and to investigate this report. It looked at supporting documentation, minutes of the Northern Ireland advisory committee, NIAC, and NAMA and involved a lot of discussion with NAMA officials. It is based on fact. What we do know from the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Was Mr. Rowntree aware at that point that Mr. Cushnahan-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Was Mr. Rowntree aware-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: We now know there was a success fee or fixer fee, call what you like, of £15 million, which was to be shared between Mr. Cushnahan, Tughans and Brown Rudnick. This has been accepted now as a potentially corrupted process by the Minister also. That led to PIMCO eventually withdrawing. How does that make Mr. Rowntree feel as a former board member?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: When did those two NIAC meetings take place in Tughans office?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: Then Mr. Rowntree would have been very surprised when he was eventually made aware. NAMA was made aware by PIMCO on 10 March 2014 of the success fee that involved Mr. Cushnahan, Brown Rudnick and Tughans, but Mr. Rowntree was not made aware of this. The first he heard of it was when it was in the public domain.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: I thank Mr. Rowntree for his patience. I have a number of short questions first. How did Mr. Rowntree get on to the committee initially?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

David Cullinane: By?