Results 6,161-6,180 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: I want to come back to the minutes of 13 March 2014. With respect to Mr. McDonagh, Mr. Daly, Mr. Stewart and Ms O'Reilly, I am struggling to understand the logic of NAMA on this and I hope they will assure and persuade me on this issue. I will talk them through this line-by-line because the important part of minutes is that they record what happens at a meeting. They give a sequence of...
- 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 minutes say the arrangement in relation to Project Eagle was negotiated by PIMCO's commercial team. That negotiation by PIMCO's commercial team was in the context of the success fee. Does Mr. McDonagh 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: The minutes say this was first disclosed to Mr. Ronnie Hanna, who I think was the head of asset recovery at the time. Is that right?
- 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 think it was Mr. Stewart-----
- 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: Yes. That was relayed to NAMA legal via conference call on 10 March 2014. We have established that as well. PIMCO sought NAMA's acquiescence to this, which NAMA had not acceded to. The acquiescence was another reference to the success fee. Is that right?
- 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 chief executive officer, which is Mr. McDonagh-----
- 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: -----advised the board that PIMCO had confirmed that it felt obligated to withdraw from the bidding process for Project Eagle on foot of the aforementioned disclosures. Do those disclosures mean 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) (24 Nov 2016)
David Cullinane: Does Mr. McDonagh mean 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) (24 Nov 2016)
David Cullinane: Yes, perfect.
- 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: Yes, perfect. The minutes read: "As discussed via the conference call between NAMA's Head of Legal and PIMCO's Legal Counsel on 13th March 2014." Again, this is all still in the context of the success fee. Moving on, the minutes read: "In the interest of full transparency, PIMCO disclosed that the success fee arrangement had involved a potential payment of £16 million split equally...
- 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 minutes also read: "The Board noted that PIMCO had advised that the negotiations..". The minutes do not say a new set of negotiations or a different set of negotiations. The earlier point states: "in relation to Project Eagle negotiated by PIMCO's commercial team." It is still all in the context of the success fee. Is it fair to state that the board noted that PIMCO had advised 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: No, it is not just the sentence. It is the logic of the minutes.
- 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 is very important.
- 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 have followed the logic through, and Mr. McDonagh has to bear with me. We have followed the logic through, where that is correct. We then moved into the part where the minutes talk about the need for full transparency. That is what PIMCO said. It disclosed the success fee arrangement and it was very clear it was a three way split between Brown Rudnick solicitors, Tughans and Frank...
- 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: No, but I am asking Mr. McDonagh to accept that point. That is what the discussion was about.
- 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: That is what I am establishing.
- 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 following the logic of the minutes. That is all I am doing. The logic of the minutes is that PIMCO legal informed NAMA of the existence of a success fee, that it was negotiated by PIMCO's commercial team and that PIMCO disclosed that it was a three way breakdown between Frank Cushnahan, Tughans and Brown Rudnick. The minutes talked earlier about the negotiation and mentioned it again,...
- 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: Yes.
- 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: Yes.
- 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 accept that and I will come to that. My point is there was a reference to the April 2013 date. All of the context is in relation to the success fees and the relationship between Brown Rudnick, Tughans and Frank Cushnahan. That is the context. I have a question for Mr. McDonagh. What was the board's view of the timeline of Frank Cushnahan's involvement with Brown Rudnick and...