Results 20,761-20,780 of 26,431 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) (25 Oct 2016)
David Cullinane: -----but if Mr. Rooney lets me make the point, he is confusing the issue because the Project Eagle sale was in 2014. By his own admission, the 2013 accounts detail a 5.5% discount rate for cashflow discounts for 2014. NAMA applied a 10% discount rate, so he cannot use that justification.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: I want to be very clear on this before I move on to Mr. Stewart. The Comptroller and Auditor General never criticised the market rate or the fair value rate that Mr. Rooney is talking about in terms of a loan sale. That is not coming across when anybody from NAMA deals with it. We received some clarification today but the witnesses really need to reflect on that because NAMA...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: It was obvious from the opening statements made this morning. It was Mr. Collison, or Mr. Rooney, who said that the Comptroller and Auditor General has undervalued the loan portfolio.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Mr. Rooney did. I took the note and we can go back over record.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Based on an asset sale and the previous strategy.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Yes, a work-out value. I am glad that at least that has been clarified. I come to Mr. Stewart. Can we get record 3 up on the screens?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: First of all, it is quite extraordinary. What legal background does Mr. Stewart have?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: A solicitor. The justification that Mr. Stewart gave for NAMA not passing this on to NTMA compliance was that there was no real need because PIMCO had eventually withdrawn from the process. It is a very weak argument.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Mr. Stewart was asked a specific question by the Chairman, I think it was, why he or anybody else in NAMA did not pass this information on to NTMA compliance. His response was that it was because NAMA was made aware of it, the board had to discuss and, in any event, by the time it would have gotten around to it, PIMCO had withdrawn. That is a very weak legal response to a serious issue in...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Again, Mr. Stewart is using retrospective evidence to back up his lack of action at the time. He cannot do that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: My point is that Mr. Stewart did not know that at the time when he did not make the information available to NTMA compliance. He was unaware of that at the time. I have got his answer-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: We can-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Again, it is retrospective. I think we can all seek retrospective-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Let us come back to record 3 of the information we received today. It is my last line of questioning. It states in record 3, "TR [Tom Rice] said the [Project Eagle] process had been with NAMA for several months referenced April/May 2013. This development went back to the origination of the deal with Pimco and the proposal for an acquisition fee". I am presuming that is 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) (25 Oct 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) (25 Oct 2016)
David Cullinane: Is Mr. Stewart saying that PIMCO would have been aware of this in 2013 and only made NAMA aware of it in 2014? Is that his recollection of it?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: I understand the split charge, but what Mr. Stewart is saying is that he is absolutely certain that nobody in NAMA would have known of the success fee until late 2014.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: I thank Mr. Moriarty for that. When Mr. Soffe was here last week, in relation to the board meeting, where the board had to make a decision about PIMCO, he said:We took the view that PIMCO had to go. It was offered the opportunity to leave the process ... If it refused, it would have to be forced out... It could not stay in the process. There is nothing in any of these recordings, or...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: No, it is NAMA's acquiescence-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)
David Cullinane: Yes.