Results 20,861-20,880 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) (18 Oct 2016)

David Cullinane: Why not?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Can we get appendix E of the Comptroller and Auditor General's report on the screen? Did Mr. Soffe read appendix E?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: It is page 158.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: This is my last line of questioning. I am nearly finished. Mr. Soffe said a few minutes ago that the board took a very strong view that PIMCO had to go. When the Comptroller and Auditor General first attended the committee on this subject, I put that to him. He had looked at all the documentation that was available in terms of the conference calls, notes that were taken by the legal team...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: That is a very serious thing to say because we know that the American authorities are interested in this and we know from the documentation at which the Comptroller and Auditor General looked that PIMCO was very concerned about its legal responsibilities. I would be very concerned if I was an executive member of the PIMCO board, or associated with PIMCO, that NAMA is saying this and...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: It is breaking the law. Would Mr. McEnery be concerned if he was a member?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: That is not what Mr. McEnery said happened. The report said PIMCO had sought NAMA's acquiescence of this.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Is it not astonishing that PIMCO would essentially break the law?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: If it were to acquiesce it would potentially be signing up to break the law. That does not stack up with the notes and documentation given to the Comptroller and Auditor General.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Why did Mr. Hanna say that things could be shaped differently for the arrangement fee to come out, if the board's decision was so robust?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: PIMCO had signalled at that point that it was gone. This was closing the stable door after the horse had bolted.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Sorry, Chairman, that is not actually what the Comptroller and Auditor General was saying. He was not saying that if we had a loan strategy, the 5.5% discount rate would be applied. What he was saying, or at least this is my understanding of it, was that it was based on the asset sales strategy and not on loan sales. 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) (18 Oct 2016)

David Cullinane: I thank the witnesses for being here so long. It is difficult to put questions in a short time but we do our best. Mr. McEnery said that he was grateful to the Comptroller and Auditor General for his support for NAMA from its birth to now and that he learned a lot from him. That rings a bit hollow when juxtaposed with the opening statement today. Mr. Soffe was given an opportunity to...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: Mr. Soffe will remove the word "unsubstantiated". That is fair enough. Mr. Soffe strongly contests that any loss was incurred by NAMA, this £190 million loss the Comptroller and Auditor General talks about. I have studied the Comptroller and Auditor General's report in detail and he says that the loss happened when NAMA took a decision to embark on a loan sale strategy. It was a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: The point he is making is the actual loss happened at that time. It is a different matter to say six months or a year down the line because of different circumstances and information that NAMA may have got less for that. When it took a decision to go for a loan sale and then applied for a market discount that was a different situation. I am trying to be fair to the witnesses.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We do not have to go into leaks. We do not have to deal with that because-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: With respect, the Comptroller and Auditor General did not say that. We are all victims of leaks, misinformation and spin. NAMA has done a bit of spinning itself on this. We do not need to go into what was not said but what was said in 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) (18 Oct 2016)

David Cullinane: I accept that. We are going to get the information that was------

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: NAMA needs to produce that evidence which it has not done up to now. We have requested that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We have not got it, with respect.