Results 6,101-6,120 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) (24 Nov 2016)

David Cullinane: Mr. Daly has given that qualification, and I accept it so I will continue. Mr. Long said that it was valuable information that would have been useful for him at the time, and yes, it concerned him that he did not have it. He was speaking of the fact that he and Lazard were not made aware of the success fee between PIMCO, Brown Rudnick, Mr. Cushnahan and Tughans. This is what happened....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Lazard had no role in that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Lazard was an adviser. Its representatives told us that it would have had a role.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: It would have had a role to play in relation to the integrity of the process. If Mr. Daly is saying that he would not have involved Lazard, why, then, in NAMA's minutes does it say: "Following further discussion the Board noted that, subject to Lazard's advice, it was minded to be as upfront as was possible with other bidders in relation to PIMCO's withdrawal"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: With respect, I am going to cut to the chase. There was talk of Lazard being in the position to give advice on how NAMA could relay information to other bidders. The fact is that Lazard was not given that information. The final point I will make is that Lazard went on to say that it had complete information and accepted that the process had become compromised. That comes from Lazard.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Lazard made it very clear that it was never made aware. It was very clear on that. It was never made aware of the relationship between Brown Rudnick, Tughans, Mr. Cushnahan and PIMCO. Lazard was very clear about that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: According to Lazard, it was not made aware of it at any time.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Okay.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: My last line of questioning refers to page 37 of the Comptroller and Auditor General's report under the heading "NIAC views in relation to Project Eagle". It refers to Northern Ireland advisory committee, NIAC, minutes. Mr. Daly was at that meeting as he was the chair of NAMA. It says that he informed the NIAC of PIMCO's unsolicited approach. Can Mr. Daly see that in the report?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: The date it gives for that meeting is 7 October 2013. Was Mr. Cushnahan still 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) (24 Nov 2016)

David Cullinane: Was he at that meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: He was. At that meeting, Mr. Daly made the NIAC aware of the possibility of Project Eagle. He now knows that Mr. Cushnahan not only knew that but was one of the fathers of that process, was he not, because of his involvement with-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: He now knows that. I am not saying that Mr. Daly knew then. I am trying to establish that he now knows that. Mr. Daly informed the committee of PIMCO's unsolicited approach. One of the people in the room who was an NIAC adviser already knew about that. He would have known because he was working with PIMCO, Brown Rudnick and Tughans. When Mr. Daly made the committee aware of PIMCO's...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: There was a discussion about strategy and a range of different things that the minutes refer to. The discount was discussed. I am asking Mr. Daly a very straight question. Surely that makes it very clear to Mr. Daly that he was then in a situation in which the process was compromised.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Would he now accept that-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: -----given that he went to an NIAC meeting to inform the committee of the potential of Project Eagle and to discuss strategy? The minutes go on to say that the board members agreed with the chairman's approach. One of the board members already knew. Maybe, as Mr. Daly is saying, he did not tell Mr. Daly about any of this. How can Mr. Daly, therefore, sit here and say that the process was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am sorry, but we have to be factual here. Mr. Daly knew at that time and he knows now that Mr. Cushnahan had an association with debtors that made up 50% of the loan portfolio. Is Mr. Daly seriously telling me that that does not in any way compromise the process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am not conflating at all.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Mr. Daly knew about the debtor connection.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am asking Mr. Daly now if he believes it was compromised.