Results 5,681-5,700 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: I am talking about the conference calls.

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 I am saying is that the conference call minutes, and the assertion that Mr. Stewart has just made, seem to be at odds with what is in the minutes of the board meeting. That is where there is some confusion. One of the board members - I think it was Mr. Ellingham - intimated that Mr. Hanna had perhaps overstepped his remit. If it was the case that the board gave a direction to Mr....

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: The members of the board reject completely the assertion that they would have been aware, and they were very surprised when they were made aware, that Mr. Hanna had talked about things being shaped differently for the arrangement fee to come out. That was news to them.

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: They use very strong language when they say, as Mr. Soffe said, that PIMCO had to go and that it was offered the opportunity to leave the process. Then we hear from Mr. McEnery who says that it tried to acquiesce or sought the acquiescence of the board to stay in the process. Then Mr. Soffe goes on to say that if it refused it would be forced out and that it could not stay in the process....

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 withdrew itself. That is very important, because that is not what NAMA was telling us. That is, at least, what Mr. Daly told us. We were led to believe that right through, because we had to seek clarification from the Comptroller and Auditor General several times as to whether PIMCO voluntarily withdrew. It is good that we now have someone from NAMA's legal division actually accepting...

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: Very emphatically now, but it is at odds with what we were told in earlier-----

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 I just ask-----

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 have two quick questions for Mr. Stewart. We now know that Mr. Cushnahan was part of a three-way split of a success fee, to follow on from the previous line of questioning, and that three-way split was between Brown Rudnick, Tughans and Mr. Cushnahan. That was to be paid by PIMCO. Why would Mr. Stewart think PIMCO were paying Mr. Cushnahan at all? Why would he have been in receipt of...

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: The reason I am asking is-----

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: The point is that there was an exchange. Mr. Stewart was a conduit for the board and he was one of those who were party to the conference calls between NAMA and PIMCO. The board was concerned about the success fees and PIMCO had come to NAMA to make it aware of it. When NAMA was made aware of it, the Minister was then contacted by the chair of NAMA. Mr. Stewart is a legal person working...

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. Daly told the committee there was no role for the Minister because it was a commercial decision. Why would they have contacted him?

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: Was Mr. Stewart ever informed of the emergence of success fees with Cerberus? Was he made aware that two of the three players involved in the PIMCO success fee were also party to success fees?

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: Was NAMA legal ever made aware 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: Therefore, NAMA legal was made aware 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: Was NAMA legal ever asked for its opinion on the so-called letter of comfort from Cerberus? Was it asked whether there were legal or compliance issues?

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 this why the Comptroller and Auditor General says in his report that NAMA was more concerned with its legal responsibilities, not with forensically interrogating what was happening with 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: The letter of compliance was from Cerberus in which it confirmed it was not paying money to anybody associated with NAMA. My understanding of the Comptroller and Auditor General's criticism is that we do not know if Tughans and Brown Rudnick were making payments to others. Was that ever highlighted as a concern by NAMA legal?

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: Was this Cerberus or NAMA?

Finance Bill 2016: Second Stage (Resumed) (26 Oct 2016)

David Cullinane: I wish to share time with Deputy Louise O'Reilly. Sometimes Teachta Kelleher can almost achieve the impossible. He almost got me to feel sorry for the Minister of State who had to listen to his contribution because the Minister of State will agree that if Fianna Fáil Members were sitting in his seat and if Teachta Kelleher was a Minister, there would have been nothing different in this...

Written Answers — Department of Finance: Property Tax Collection (2 Nov 2016)

David Cullinane: 108. To ask the Minister for Finance if his attention has been drawn to the circumstances of a person (details supplied); and if he will make a statement on the matter. [32829/16]