Results 11,141-11,160 of 21,499 for speaker:Mary Lou McDonald

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: No. That is not correct.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: For the record, it is on page 2 of his statement. It is slightly nuanced, but he said, "NAMA was willing to consider the wishes of the two governments on the sales process because it was our view that the appropriate sales process for Project Eagle commercially was a targeted one that focused on key investors", and so on. I will see if there is another reference.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Cuirim fáilte roimh gach éinne. The Minister knows the routine. As we have limited time, I will be concise and would appreciate concise answers from the Minister. He has set out accurately NAMA's commercial mandate, responsibilities and prerogatives. I think we can agree that in the final analysis the interests of taxpayers are vested in his office. Can we agree on that point?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: That is NAMA's commercial mandate. The legislation vests in the Minister an authority and a legal standing, that may not be supervisory on the minutiae of detail day-to-day, as his officials have said but he does have the power to direct.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: It is set out in black and white in the Act.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Yes, and-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Sorry, Minister-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Yes, the Minister has the power to direct. I have acknowledged, to get it out of the way, that he does not have the right to intrude inappropriately on the commercial mandate of NAMA. With respect, the Minister does not have that, we have heard that and that is accepted.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Let me put this to the Minister. The reason that he advanced here for not interfering and not calling a halt to the sale of Project Eagle is that he cites that it would be inappropriate for him to trespass on commercial decisions of NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: That is what the Minister advanced.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Stronger still. It would be illegal-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: -----for the Minister to trespass on those.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: Yes. When the Minister was informed in March of the fact that fixers' fees, or success fees, were to be paid to Mr. Frank Cushnahan, a former member of the advisory committee, he heard of the difficulties that that caused for PIMCO and so on. I put it to the Minister, at that point the reason for his intervention was not around the commercial mandate of NAMA but was around governance,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: The question is, why did the Minister not intervene?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: We are familiar with all of that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: We will come to that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: We will come to that, Minister.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: No. Do not talk down the clock, Minister.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Mary Lou McDonald: The Minister has rehearsed all of that. He has made that assertion on the basis - it chimes identically with NAMA and it is very clear. His level of collaboration is very clear here because-----