Results 6,221-6,240 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 will quote what Mr. Long from Lazard said when he appeared before the committee. We went through this earlier where the same board minute suggested that, subject to Lazard's advice because it would have been given the information about the success fees, it was minded to be as upfront as was possible with bidders. We went through that earlier. When Mr. Long was responding to this, he said...

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 is missing the point. I am not talking about the best price.

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 disputing, or at least the Comptroller and Auditor General does not in his 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: I did not put the question about the price; I put the question about whether the process was compromised, which is entirely different. What Mr. Long said was that the process was inappropriate as how could he, Mr. Cushnahan be disentangled from Tughans and Brown Rudnick. That is the point, that he could not be disentangled from them.

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. Long also made the point that the process was inappropriate. We know that PIMCO gave an account of a number of different events which Mr. Daly also disputes. He also disputes the Comptroller and Auditor General's report. It seems there is some sort of conspiracy according to NAMA against it by the Comptroller and Auditor General, by PIMCO and by others who give a contrary view.

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: What would the consequences have been if they had told NAMA?

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: Let us follow Mr. Daly's logic for a second. PIMCO did not disclose this information to NAMA. Had they disclosed this information to NAMA, this happened in April 2013. Mr. Cushnahan was still a member of NIAC and he had an association with debtors. Mr. Daly mentioned earlier that it is unbelievable to suggest that NAMA would not have acted. What would NAMA have had to do?

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 would have been conscious that potentially there could have been an illegal act, breaches of the law and so on, so he would have been concerned 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: If Mr. Daly understood that, I am sure that PIMCO would also have understood that and that is why at all times when we go through conference call minutes - there is an assessment made by the Comptroller and Auditor General and the contemporaneous notes taken by Mr. Stewart - at every step of the way PIMCO were concerned about legal compliance.

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: If they had the same view as Mr Daly, which I am sure they would, that means, to follow the logic of Mr. Daly's argument, because they did not give NAMA that information that they were somehow complicit in a compromised 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: Mr. Daly is the chairman of NAMA and we have gone through all this ad nauseam. Mr. Daly said he was not aware that this all happened in April 2013, so any association that Mr. Cushnahan would have had with Brown Rudnick and Tughans would have been post-November 2013 when he left. For the record and for the purposes of clarity, is Mr. Daly telling me that nobody in NAMA, neither himself nor...

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 this question.

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: Which 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: The answer to this question is important both for Mr. Daly and for PIMCO.

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: Which issue? What is meant by "issue"? What issue had they become aware 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: It does not say that. It simply refers to asking when PIMCO became aware of it. It does not refer to Frank Cushnahan.

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 does not say it in the document. I asked whether anyone from NAMA had asked whether anyone from PIMCO had an association with Frank Cushnahan when he was a member of the board. That is not reflected.

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 does not.

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: Is Mr. Daly telling me that was the response from PIMCO? Let us suppose that is true and they asked that question. Mr. Daly is telling me is that the response from PIMCO was that the association arose when the individual had left the board. Is that what Mr. Daly is telling me? If not, then what was the response?

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: What was the reference to April and May?