Results 20,281-20,300 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 suggest the Chairman look at the paragraph above and before the words "The Board".
- 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: Sorry, it is page 118 of the report, where it says, "The Board noted that PIMCO". Before those words there is a reference to the £16 million of a success fee being split three way. It continues, "The Board noted that PIMCO had advised that the negotiations had commenced" and then goes on to mention Frank Cushnahan. If this was only to do with Brown Rudnick and PIMCO then why mention...
- 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: This is 13 March.
- 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: Finding 54 of the Comptroller and Auditor General's report refers to Mr. Cushnahan being an adviser to six debtors. It was not just pub talk or what he might have-----
- 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 a great idea.
- 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 be seeking the assistance of Mr. Daly and Mr. McDonagh to better understand two sets of minutes of the NAMA board. I will go through one set of the board minutes line by line because I want the witnesses to address my confusion over them. Before doing so, I seek clarification on one issue on the sale price before I get back to the conflict of interest. At any point in the 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: What page?
- 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: What does the figure of £1.475 billion represent?
- 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 spoke about this earlier and the Comptroller and Auditor General clarified this when he said that the probable loss arose when the decision was taken to sell the portfolio in a single lot as opposed to working out the assets. I want to know the board's understanding of that. Two financial strategies were on the table - to hold and work out the assets and to sell. What was the difference...
- 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 is how much?
- 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?