Results 20,441-20,460 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) (22 Nov 2016)

David Cullinane: -----so we can see from the Comptroller and Auditor General's report that on 10, 11 and 12 March that there was a lot of discussion at board level about the conflicts of interest. The board would have been made aware of the fact that there was a difficulty here where one of the Northern Ireland Advisory Committee, NIAC, members had an association with Brown Rudnick and Tughans which were...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Lazard's job was to make sure there was a transparent process. Did Mr. Long ever question why Lazard was not informed of what was happening?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Why was Lazard not informed? What we are trying to establish is whether the process that was carried out was in any way flawed and whether mistakes were made? Mr. Long was the loan sale adviser and this seems an obvious mistake in that the board was discussing clear conflicts of interests and its members were very exercised about it and said it was shocking. When the board members appeared...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I will come back in on the second round of questions.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I do not accept that, but I will come back to it on the second round of questions.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I am not asking him why he was not informed. He is a loan sale adviser and would it have been better if he was informed? That is the question.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I will just add some factual information, because Mr. Long might not have heard this part of Cerberus's evidence. When Cerberus was before the committee it said that there were technical breaches of the non-disclosure agreement. I am not sure if Mr. Long is aware of that. Did Cerberus disclose that to Lazard at any point, because that is important as well? I am on the same line.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Mr. Long has been helpful. I thank him for his patience in sticking with us. I wish to address three issues. Mr. Long mentioned the uniqueness of this sale's characteristics a number of times. We are under time pressure, so I will be as concise as I can. Will Mr. Long help me to understand the uniqueness of the arrangement? Section 4.3 of the Comptroller and Auditor General's report...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Would that be unusual?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: So that would be unusual.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: There was no tender competition for Lazard's appointment.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Mr. Long stated that he had been involved in 50 loan sales. Would this have been unusual in those when dealing with a State body?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: When dealing with a State body, would it be unusual not to have a tender process for appointment?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Lazard did not carry out valuations or was not asked to do so. Was that unusual, given the context of the work it was doing?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: So that was not unusual. Was a single round of bidding unusual?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: That there are two criminal investigations into a loan sale would be unusual as well.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Mr. Long referred to this process being a success, so I am not sure as to how he would characterise a failure. It does not read like a success.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I will address that in a minute.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: That relates to the ends justifying the means but we will revert to that matter in a moment. Mr. Long stated several times that there was a level playing field for all bidders.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Mr. Long stated that there was a level playing field.