Results 20,481-20,500 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: How would Mr. Long characterise it if he did not have the information and was hardly clear in his information.

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: It was incomplete. I am saying that Lazard had professional responsibility to ensure the integrity of the process and transparency. I refer to what I was saying about the terms of reference. Lazard had to ensure that the process was transparent. Very close to the end, on 2 April, it was signed off that the process had been appropriate. Would Mr. Long still hold that view given what he...

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 about NAMA. I am asking Mr. Long.

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 is one part of it but Mr. Long was involved in a number of exchanges with NAMA in respect of the letter of assurance sought from Cerberus. That was in connection with the organisation's association with Brown Rudnick and Tughans. At that point, was Mr. Long aware of the conflicts of interest with PIMCO. I refer to the fact that there had been a success fee with Brown Rudnick, Tughans...

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 is pretty valuable information not to have when Lazard was trying to advise them on their letter of assurance. Had Lazard been advised at that point that Brown Rudnick and Tughans were actually in a relationship with Frank Cushnahan, and that Frank Cushnahan had an association with debtors? NAMA knew this. Why did it not share that information with Lazard? I cannot ask Mr. Long to...

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: It is not just a matter of valuable information. Those concerned were essentially trying to retrofit the response from Cerberus. Mr. Long's communication was to try to line up the ducks and ensure that everything was satisfactory. They had the full information. Mr. Long did not, yet he was very handsomely paid to make sure this process was transparent. We are trying to get to the bottom...

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 thank Mr. Long.

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: Could I seek clarity on one point, as it is very important?

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: Nobody is asking Mr. Long to speak about issues that he was not aware of or which predated his involvement in the process. In terms of paragraph 4.17 of the Comptroller and Auditor General's report and the objective of prohibiting contact or association with debtors, the point is that NAMA became aware of an association with debtors and a success fee that involved Mr. Cushnahan. Given the...

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: I am not interested in doing so at all. I agree it is important to obtain clarification from the Controller and Auditor General on a number of items of correspondence we have got to determine whether the information is new to him. The Fortress letter states that the bid process requires an unconditional bid that "could not be syndicated or financed pre-bid".

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: Perfect. Are we in public session?

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: Could we also get clarification from the Comptroller and Auditor General as to whether he was aware, before the PIMCO letter emerged last week, that Tughans, Brown Rudnick and Frank Cushnahan approached PIMCO?

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: Perfect.

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: With respect, it is important for us to establish whether the Comptroller and Auditor General now has new information that he did not have when he produced his report. He had access to lots of information we did not have. I want to get clarification on a number of issues. Was the information new to him? The first element was that Fortress learned of the sale through the press. Was this...

Public Accounts Committee: Business of Committee (17 Nov 2016)

David Cullinane: In terms of the Cerberus opening statement that the Comptroller and Auditor General would not be able to come back in later, it indicated that it made the unsolicited approach or, sorry, that-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I welcome the witnesses and thank them for attending. I want to check a number of facts in terms who was on the board at what time so that I am clear when putting my questions. Were all three witnesses on the board at the time of the board meeting in October 2013, at which a portfolio sale was initially considered?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: A paper, to which I also wish to refer, was submitted to the board on 12 December 2013. Were all the witnesses on the board then?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I am asking the question-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: I am not asking that. I am just asking if Ms Finan was a member of the board.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: On 8 January 2014, Ms Finan was not a member of the board but the other two witnesses were. Is that correct?