Results 5,641-5,660 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) (25 Oct 2016)

David Cullinane: Yes R-115 B, page 3, 1h. It refers to NAMA's end of 2012 accounts which were audited by the Comptroller and Auditor General and published in May 2013 the approach adopted by NAMA was to discount all future cash flows at a discount rate of 10%, which was deemed an appropriate discount rate at the time. It does not go on to refer to something that is in today's opening statement, the fair...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Can we get page 9 of the opening statement on the screen please?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: What NAMA wanted us to believe, and this is the crux of the matter, when it is pressed about the 10% discount rate that was applied it talked about the 2012 accounts, the 2013 accounts and the fair value methodology and all of that. That is the excuse that is given. On page 9 of the opening statement, however, we read, "The fair value methodology adopted in the 2013 accounts involved the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: This is what we are trying to establish because we need contemporaneous proof that when a decision was taken to apply the 10% discount rate that was based on evidence, not on a verbal analysis that might have been given by individuals at a board meeting or on some generic fair value methodology that was worked out in 2012 and 2013, but in the here and now in 2013 when the decision was made. ...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: When Mr. Collison says "informed" and "advised", I am being quite specific. Was it documentary evidence, did it come from experts, was it internal, from people within NAMA, was it presented orally? How was the information given to the board presented?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Do we have those papers? This is the evidence we have sought over and over again. Mr. Moriarty cited some documents earlier that we have not seen yet but we have not seen any so-called paper evidence. Mr. Collison is saying it was both. There was oral evidence and written documents to support this. Specific to Project Eagle, I am referring to the particular characteristics, the higher...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: I am not talking about papers being around; I am talking about papers that we want in our possession. I am not interested in what might be around or not around. If they exist, we need them. We have sought them. We have asked over and over again and we have not received them. NAMA needs to give us that documentary evidence. I am talking about documents that refer specifically to Project...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: It is a little unfortunate that we do not have them because we might have to call the witnesses again.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: We will see what is furnished. The witnesses may have to return if the documents we are looking for are not provided.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: I will come back to Mr. Stewart in a moment. Very quickly, I want to come back to the first issue I raised earlier about the discount rates. I seek clarification from Mr. Collison. We received documents on the discount rates but they are not what we were looking for. Mr. Collison spoke earlier about documents that were floating around that were very specific to Project Eagle and the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Yes. The witness keeps referring back to 2012 and 2013 accounts to justify the 10% discount rate. However, in the 2013 accounts, it says that the fair value methodology was a 5.5% discount rate for cashflows arising from the period 2014 to 2016.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: That is what I am getting at. That was the position, but it was not applied in the case of Project Eagle.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Exactly. Therefore, there was deviation even from what was in the 2013 accounts. There was a deviation.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Exactly. That is the whole point, but the witnesses have never given the committee any documentation that justifies the 10% discount rate for Project Eagle. The witnesses are the ones who reference back to the 2013 accounts, not me. They answered the question for me. Mr. Rooney accepts the flaw in that argument in his response. We are looking for the rationale and the justification for...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: With respect, the 10% rate was for cashflows from 2017 to 2020-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: -----and not for 2014.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: Of course they are two different numbers-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: -----but if Mr. Rooney lets me make the point, he is confusing the issue because the Project Eagle sale was in 2014. By his own admission, the 2013 accounts detail a 5.5% discount rate for cashflow discounts for 2014. NAMA applied a 10% discount rate, so he cannot use that justification.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: I want to be very clear on this before I move on to Mr. Stewart. The Comptroller and Auditor General never criticised the market rate or the fair value rate that Mr. Rooney is talking about in terms of a loan sale. That is not coming across when anybody from NAMA deals with it. We received some clarification today but the witnesses really need to reflect on that because NAMA...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: It was obvious from the opening statements made this morning. It was Mr. Collison, or Mr. Rooney, who said that the Comptroller and Auditor General has undervalued the loan portfolio.