Results 5,981-6,000 of 26,430 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) (22 Nov 2016)
David Cullinane: So that was not unusual. Was a single round of bidding unusual?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: That there are two criminal investigations into a loan sale would be unusual as well.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Mr. Long referred to this process being a success, so I am not sure as to how he would characterise a failure. It does not read like a success.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: I will address that in a minute.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: That relates to the ends justifying the means but we will revert to that matter in a moment. Mr. Long stated several times that there was a level playing field for all bidders.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Mr. Long stated that there was a level playing field.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Mr. Long has acknowledged that. Does he accept that the field was not as level as he would have liked or he suggested?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Is Mr. Long aware of the PIMCO letter that was read into the committee's record two weeks ago by the Chairman and has he read it?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Was he surprised when he read that, as far back as April 2013, Mr. Tuvi Keinan, who worked for Brown Rudnick, Mr. Ian Coulter, who worked for Tughans, and Mr. Frank Cushnahan, who was a member of the NIAC, had approached PIMCO on the basis that they were aware of the potential of a portfolio that could be put together? They discussed the concerns of the Northern Ireland Government and so on,...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: When did Mr. Long become aware of that? We were not 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) (22 Nov 2016)
David Cullinane: The first time we became aware of the April 2013 approach by the PIMCO individuals was when we received this letter. If Mr. Long is saying he was aware of it before he read this, will he indicate how be became 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) (22 Nov 2016)
David Cullinane: That is contested. That is NAMA-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: That concerns NAMA but I am talking about Mr. Long saying he became aware of it before we knew. We had to tease out the April 2013 date in the minutes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: When did Mr. Long become aware that Mr. Tuvi Keinan and Ian Coulter, or basically Brown Rudnick, and Tughans and Mr. Cushnahan approached PIMCO in April 2013?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: I am specifically asking about the April 2013 date because the actual issue of a loan sale portfolio was not considered by NAMA until much later.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: He is now aware that these parties were working together to approach PIMCO. Did that cause Mr. Long any concern?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: When Mr. Long found out. I am not talking about the retrospective position.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: Surprised. Was Mr. Long concerned?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: But Mr. Long was never made aware of this. I want to get back to this later.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
David Cullinane: We are concerned also. I will proceed in a moment to the conflicts of interest as to when Lazard was informed of this. If Mr. Long was concerned and surprised, he should note the information would have been valuable for Lazard to have at some point during the process. Does Mr. Long accept that?