Results 20,161-20,180 of 26,430 for speaker:David Cullinane

Public Accounts Committee: Business of Committee (24 Nov 2016)

David Cullinane: I fully agree with that. The problem for this committee is that it is not the first time that we have received opening statements very late, so if we cancel meetings every time that happens we will very rarely get business done because, as has been said, from their perspective, they took a decision not to furnish us with the information. Perhaps they thought it would be leaked to the media,...

Public Accounts Committee: Business of Committee (24 Nov 2016)

David Cullinane: On behalf of the members - if the members agree - Chairman, you should forcibly make the point to NAMA that we need whatever documentation it has not provided or information that was heavily redacted. NAMA has offered a justification as to why it cannot provide it but we need to be robust in asking again for information. Are you agreeable to taking such an approach, Chairman?

Public Accounts Committee: Business of Committee (24 Nov 2016)

David Cullinane: This had been raised before. I think there are six or seven institutes of technology with deficits. Waterford is one with a particular problem. We were told there was a plan in place, a contingency plan. From what I am reading here, it does not seem to be dealing with the problem, however.

Public Accounts Committee: Business of Committee (24 Nov 2016)

David Cullinane: I propose that we suspend until 10.30 a.m.

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 welcome our witnesses and thank them for their opening statements. In Mr. Daly's opening statement, he said "Operating on a commercial basis means that one takes advantage of a good opportunity now to sell assets unless one has reason to expect that a better opportunity will come". I have no difficulty with that. NAMA also, though, has a responsibility to ensure that there is integrity...

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 understands that it is also one of NAMA's functions and roles. Mr. McDonagh would understand that as well, that integrity in the process is as important as the commercial aspect of it in terms of what NAMA gets. Would he accept it is as 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: Who within NAMA has responsibility for ensuring there was integrity in 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: Also, of course, Mr. Daly, in his role as chairperson-----

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: -----and Mr. McDonagh, as a CEO, have a clear responsibility but ultimately the board has. Lazard also had an oversight role, did it not? It was the loan sale adviser. Part of its terms of reference was to ensure there was integrity within the process. Its representatives said this in their testimony to this committee. Does Mr. Daly accept that as well?

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 asking about delegating. I am saying Lazard 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 had a role. That is all I needed to establish. Mr. Daly referenced the PIMCO letter that was dated 8 November 2016. Mr. Daly does not agree with a number of what he calls important facts. He agrees they are important facts but does not agree that they were disclosed to NAMA. Is that correct?

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 come to what Mr. Daly says he does not agree with. In his opening statement, Mr. Daly says that the letter sets out a number of important facts. The first fact that was not disclosed was that PIMCO was approached by Brown Rudnick and Mr. Cushnahan in April 2013. Mr. Daly says that was not disclosed to NAMA but he is not disputing that it happened. He is saying it is a fact, it...

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 said in his opening statement that the letter sets out a number of important facts.

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 accepting they are facts?

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 Mr. Daly's contention.

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 not contesting that they are facts; he is contesting that he was made 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) (24 Nov 2016)

David Cullinane: The second one was that what was not disclosed was that Mr. Cushnahan was one of the organisers of the meeting in May 2013 at which PIMCO met with the First Minister and Minister of Finance in the North. Mr. Daly disputes that it was disclosed to NAMA. The third fact that was not disclosed was that PIMCO was approached by Brown Rudnick in June 2013. The fourth one is that PIMCO had sought...

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 get to 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: I will get to that. I accept what Mr. Daly is saying but I do not accept it is true. We will come back to that in a second.

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 come back to it. I just want to finish on Mr. Daly's opening statement in terms of what he said and what he has put on to the record of the committee. He said that "PIMCO’s letter to the committee is materially inaccurate". That is a very strong statement to make because Mr. Daly is aware that this sale is the subject of two criminal investigations. PIMCO made him aware of...