Results 20,781-20,800 of 26,718 for speaker:David Cullinane

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?

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 wanted to clarify that matter. Mr. Corrigan stated earlier that he believed the Project Eagle deal was a good idea and a good deal and that it represented the best outcome. However, it is also the subject of two criminal investigations. More importantly for this committee, it was the basis for a report from the Comptroller and Auditor General, which is very critical of the process. It...

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: Yes; and it is contested. Mr. Corrigan and the board view this as having been the best outcome but there is an alternative view. That view, shaped by the Comptroller and Auditor General, was based on two years of work and a great deal of investigation into documentation, information, etc., given to the board. That is the basis for his report. I wanted for that to be clarified. I will get...

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: It is a very simple one. It emerged-----

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: Sorry?

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: So PIMCO saw an opportunity, approached NAMA and said it wanted a short and exclusive sales process. Is that Mr. Mulcahy's understanding of how it was conceived?

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: This being PIMCO?

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: That is clear.

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: Exactly; I thank Mr. Mulcahy for that. Did Mr. Mulcahy read the PIMCO letter that was read into the record of the committee last week?

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: Okay. I will read a passage from it that might be of interest to Mr. Mulcahy because I think it sheds some light on why and how the deal was conceived. It stated:In April 2013, PIMCO was approached by Mr. Tuvi Keinan, a partner at the law firm Brown Rudnick who then introduced PIMCO to Mr. Ian Coulter of Tughans and Mr. Frank Cushnahan, with whom Brown Rudnick appeared to be working to...

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: Mr. Mulcahy has knowledge now.

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: That is not the point-----

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: It is very relevant, given that Mr. Cushnahan was a member of the NIAC in April 2013. He was working with Mr. Coulter and Brown Rudnick. PIMCO did not approach them; they approached PIMCO. After that, PIMCO approached NAMA and said it wanted a short and exclusive sales process. PIMCO went on to say the three parties then requested £15 million for the information they brought to...