Results 5,561-5,580 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: A corrupted process.
- 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: A corrupted process does not necessarily mean that there was any criminal wrongdoing.
- 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: A corrupted process means it is to do with governance.
- 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: Yes.
- 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 make the point again that it was the Minister who accepted that the process had become corrupted. These are not my words, yet representatives of the board here still seem to have a different view.
- 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: Did the witness find it further than unacceptable?
- 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 it was unacceptable and unethical-----
- 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: -----does that then make it a corrupted process?
- 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: Why not?
- 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 we get appendix E of the Comptroller and Auditor General's report on the screen? Did Mr. Soffe read appendix E?
- 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 page 158.
- 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: This is my last line of questioning. I am nearly finished. Mr. Soffe said a few minutes ago that the board took a very strong view that PIMCO had to go. When the Comptroller and Auditor General first attended the committee on this subject, I put that to him. He had looked at all the documentation that was available in terms of the conference calls, notes that were taken by the legal team...
- 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 a very serious thing to say because we know that the American authorities are interested in this and we know from the documentation at which the Comptroller and Auditor General looked that PIMCO was very concerned about its legal responsibilities. I would be very concerned if I was an executive member of the PIMCO board, or associated with PIMCO, that NAMA is saying this and...
- 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 breaking the law. Would Mr. McEnery be concerned if he was a member?
- 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 not what Mr. McEnery said happened. The report said PIMCO had sought NAMA's acquiescence 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: Is it not astonishing that PIMCO would essentially break the law?
- 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 it were to acquiesce it would potentially be signing up to break the law. That does not stack up with the notes and documentation given to the Comptroller and Auditor General.
- 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: Why did Mr. Hanna say that things could be shaped differently for the arrangement fee to come out, if the board's decision was so robust?
- 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: PIMCO had signalled at that point that it was gone. This was closing the stable door after the horse had bolted.
- 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: Sorry, Chairman, that is not actually what the Comptroller and Auditor General was saying. He was not saying that if we had a loan strategy, the 5.5% discount rate would be applied. What he was saying, or at least this is my understanding of it, was that it was based on the asset sales strategy and not on loan sales. Is that correct?