Results 20,881-20,900 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: I do not wish to go over this because we have requested information.
- 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 asked for specific information so we will get to that. I want to come back to the engagement between PIMCO and NAMA. Mr. McEnery said NAMA would not accept the payments that would have involved Mr. Cushnahan and that it would not accept PIMCO staying in the process once NAMA was made aware of the success fees. 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: Why would NAMA have arrived at that decision?
- 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 was it not acceptable?
- 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 was there a problem with 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: Inappropriate, unethical and wrong, and when the Department of Finance said it was shocking Mr. McEnery would have agreed with 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: Disgusted, shocking and all that, it would have damaged the process.
- 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: Would it have damaged the process? If NAMA is saying it was shocking, unethical, wrong and all those words, if it had stayed in the race would it have damaged the process?
- 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: Yes, and it would have compromised the process.
- 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: When Mr. Soffe said earlier that the process had not become corrupted, this is the sleight of hand, when we talk about corruption we talk about corruption of process, we can use the words "corruption" or "compromised". This is where there is a difficulty because NAMA accepts that because of the presence of the success fees involving Mr. Cushnahan it was so serious that the board had to meet....
- 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: My point is that at that point it was compromised.
- 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: There is a difference of opinion on that matter. The process at that point became damaged. Then we had the emergence of two of the three players in the success fee, as we know, seamlessly transferring over to Cerberus. Then we have the so-called letter of comfort that the Comptroller and Auditor General says NAMA should have investigated more. That matter has been gone over as well. 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: Who made the decision to place restrictions on the process, good or bad or the parameters of the process? Who made that decision?
- 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: Yes.
- 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 appreciate that answer. Is that the board of NAMA?
- 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: When PIMCO approached NAMA about the success fees there was a discussion and decisions were made, a fact that the witnesses have relayed to this committee. Who made those decisions?
- 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 decision that the board would have arrived at.
- 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: Yes.
- 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: Did the board of NAMA make the decision?
- 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: In terms of Cerberus, there were issues around two of the three players still involved in a success fee and assurances were sought. Who sought those assurances?