Results 5,541-5,560 of 26,404 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) (18 Oct 2016)

David Cullinane: It is interesting to know that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: To move to the discount rate. I think NAMA has put out a lot of misinformation on this because it seems to peddle the line that the Comptroller and Auditor General in his report was making a claim that the 5.5% discount rate should have been applied and not the 10.5% which was what it calls the market rate. That is not accurate. The Comptroller and Auditor General's report says that the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Can Mr. McEnery be precise because I have read that? The point is that there was no reference made to papers presented to the board to say why a higher rate than NAMA's 5.5% discount rate would have been applied.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: That is what I am trying to get at, what evidence was presented to the board.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: NAMA needs to present that to us in more detail. All of this was done on the basis of painstaking work by the Comptroller and Auditor General's office. This was a serious bone of contention between NAMA and the Comptroller and Auditor General. There would have been a lot of toing and froing and the Comptroller and Auditor General's office would have looked for all the supporting...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: If that is fair then that------

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Can NAMA provide evidence that the board believed that should be applied to Project Eagle?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We will hear from the Comptroller and Auditor General in due course.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We seem to have a paper trail for the asset-based discount but not for the debtor-based discount.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Mr. McEnery's answers raise more questions. Perhaps we might seek written clarification from the witnesses on this point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: It is very difficult to tease out all of this.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Are there other documents or evidence which would suggest this applied to Project Eagle? Mr. McEnery referred to the financial statements. Will he clarify the date and whether the rate was generic or specific to Project Eagle?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Was it specific to Project Eagle or generic?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Follow-up information is needed. Moving on, Mr. Soffe noted in his opening remarks that questions had been raised about the extent to which the sales process was competitive. He challenged the Comptroller and Auditor General's assertion that it might not have been competitive. When Mr. Daly was here some weeks ago, he said: "There was a concern that a fully open sales process, which...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Is it credible to say the process was competitive and open when the chairman of NAMA has stated to this committee that, in fact, a "fully open sales process" would not yield any additional benefit? What the witnesses are failing to acknowledge is that some of the bidders are not happy with how the process was conducted. That is clearly set out in the Comptroller and Auditor General's...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: How does Mr. Ellingham respond to the Comptroller and Auditor General's observations on the restrictions imposed on the process? How does he respond to claims from some of the bidders who were involved in the process at various points that they felt it was not as open and competitive as it should have been?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: With respect, I think it is a bit more than unsuccessful bidders having a moan, as the witness put it. There were very clear concerns expressed in the report around restrictions that were put in the process. The witness has dealt with that. I want to move on to the last point. There was quite an incredible statement in the opening remarks of Mr. Soffe when he said, "We take strong...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: I put to Mr. Soffe what the Minister said. He said, "On the allegation of a corrupted process, we can agree that there was a corrupted process." There was also a briefing document that was done for the Minister by his officials in the Department. It described the success fees or fixer's fees, call them what you like, as shocking. We also know from an exchange with Mr. Daly when he was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: No, I do not, because we are not straying into that area. This is-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: First of all, it was Mr. Soffe's opening remarks that made reference to there being no corruption in the process. We are talking about process, conflicts of interest and what we know. It has been accepted by the Minister that there was a corrupted process. We know from Mr. Daly's evidence given before the committee that such was the shock within the board of NAMA when they found out about...