Results 5,661-5,680 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: Mr. Rooney did. I took the note and we can go back over record.
- 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: Based on an asset sale and the previous strategy.
- 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, a work-out value. I am glad that at least that has been clarified. I come to Mr. Stewart. Can we get record 3 up on the screens?
- 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: First of all, it is quite extraordinary. What legal background does Mr. Stewart have?
- 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: A solicitor. The justification that Mr. Stewart gave for NAMA not passing this on to NTMA compliance was that there was no real need because PIMCO had eventually withdrawn from the process. It is a very weak argument.
- 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: Mr. Stewart was asked a specific question by the Chairman, I think it was, why he or anybody else in NAMA did not pass this information on to NTMA compliance. His response was that it was because NAMA was made aware of it, the board had to discuss and, in any event, by the time it would have gotten around to it, PIMCO had withdrawn. That is a very weak legal response to a serious issue in...
- 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: Again, Mr. Stewart is using retrospective evidence to back up his lack of action at the time. He cannot do that.
- 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: My point is that Mr. Stewart did not know that at the time when he did not make the information available to NTMA compliance. He was unaware of that at the time. I have got his answer-----
- 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 can-----
- 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: Again, it is retrospective. I think we can all seek retrospective-----
- 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: Let us come back to record 3 of the information we received today. It is my last line of questioning. It states in record 3, "TR [Tom Rice] said the [Project Eagle] process had been with NAMA for several months referenced April/May 2013. This development went back to the origination of the deal with Pimco and the proposal for an acquisition fee". I am presuming that is the success fee....
- 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.
- 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: Is Mr. Stewart saying that PIMCO would have been aware of this in 2013 and only made NAMA aware of it in 2014? Is that his recollection of it?
- 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 understand the split charge, but what Mr. Stewart is saying is that he is absolutely certain that nobody in NAMA would have known of the success fee until late 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: I thank Mr. Moriarty for that. When Mr. Soffe was here last week, in relation to the board meeting, where the board had to make a decision about PIMCO, he said:We took the view that PIMCO had to go. It was offered the opportunity to leave the process ... If it refused, it would have to be forced out... It could not stay in the process. There is nothing in any of these recordings, or...
- 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: No, it is NAMA's acquiescence-----
- 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.
- 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: So the board minutes are wrong?
- 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: Mr. Stewart has to be mindful of where we are at.
- 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 have a situation where, when Mr. Daly, Mr. McDonagh and three board members were here, they were all singing from the same hymn sheet, which was that NAMA took the very strong robust position that PIMCO had to go. That was their position, and that PIMCO was left under no illusions. As far as NAMA was concerned, it had to go. That is not reflected in any of the minutes I have here....