Results 5,821-5,840 of 26,408 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) (17 Nov 2016)

David Cullinane: A paper, to which I also wish to refer, was submitted to the board on 12 December 2013. Were all the witnesses on the board then?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I am asking the question-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I am not asking that. I am just asking if Ms Finan was a member of the board.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: On 8 January 2014, Ms Finan was not a member of the board but the other two witnesses were. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I wanted to clarify that matter. Mr. Corrigan stated earlier that he believed the Project Eagle deal was a good idea and a good deal and that it represented the best outcome. However, it is also the subject of two criminal investigations. More importantly for this committee, it was the basis for a report from the Comptroller and Auditor General, which is very critical of the process. It...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Yes; and it is contested. Mr. Corrigan and the board view this as having been the best outcome but there is an alternative view. That view, shaped by the Comptroller and Auditor General, was based on two years of work and a great deal of investigation into documentation, information, etc., given to the board. That is the basis for his report. I wanted for that to be clarified. I will get...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: It is a very simple one. It emerged-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Sorry?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: So PIMCO saw an opportunity, approached NAMA and said it wanted a short and exclusive sales process. Is that Mr. Mulcahy's understanding of how it was conceived?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: This being PIMCO?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: That is clear.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Exactly; I thank Mr. Mulcahy for that. Did Mr. Mulcahy read the PIMCO letter that was read into the record of the committee last week?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Okay. I will read a passage from it that might be of interest to Mr. Mulcahy because I think it sheds some light on why and how the deal was conceived. It stated:In April 2013, PIMCO was approached by Mr. Tuvi Keinan, a partner at the law firm Brown Rudnick who then introduced PIMCO to Mr. Ian Coulter of Tughans and Mr. Frank Cushnahan, with whom Brown Rudnick appeared to be working to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Mr. Mulcahy has knowledge now.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: That is not the point-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: It is very relevant, given that Mr. Cushnahan was a member of the NIAC in April 2013. He was working with Mr. Coulter and Brown Rudnick. PIMCO did not approach them; they approached PIMCO. After that, PIMCO approached NAMA and said it wanted a short and exclusive sales process. PIMCO went on to say the three parties then requested £15 million for the information they brought to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: With the greatest respect to the Chairman, I am not asking witnesses to comment on what they knew then. I am asking them whether they were aware of the PIMCO letter in which PIMCO said it was approached by these individuals in April. I accept that, at the time, based on the information he had, Mr. Mulcahy may have had a view that he had received an approach from PIMCO. He did not know...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Is that a worry for Mr. Mulcahy, as a board member?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: This is my point. Given the information we now have, the genesis goes back further. It is not that Mr. Mulcahy knew at the time. We know it now.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Mr. Mulcahy also said the lack of information is overstated. However, PIMCO was prepared to pay these three partners £15 million for the information. We also know from Cerberus that it was also prepared to pay two of those parties £16 million for the information. Clearly, there was a price and a premium on information, given that they were prepared to pay that kind of money. It...