Results 20,901-20,920 of 27,087 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) (24 Nov 2016)

David Cullinane: He was. At that meeting, Mr. Daly made the NIAC aware of the possibility of Project Eagle. He now knows that Mr. Cushnahan not only knew that but was one of the fathers of that process, was he not, because of his involvement with-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: He now knows that. I am not saying that Mr. Daly knew then. I am trying to establish that he now knows that. Mr. Daly informed the committee of PIMCO's unsolicited approach. One of the people in the room who was an NIAC adviser already knew about that. He would have known because he was working with PIMCO, Brown Rudnick and Tughans. When Mr. Daly made the committee aware of PIMCO's...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: There was a discussion about strategy and a range of different things that the minutes refer to. The discount was discussed. I am asking Mr. Daly a very straight question. Surely that makes it very clear to Mr. Daly that he was then in a situation in which the process was compromised.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Would he now accept that-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: -----given that he went to an NIAC meeting to inform the committee of the potential of Project Eagle and to discuss strategy? The minutes go on to say that the board members agreed with the chairman's approach. One of the board members already knew. Maybe, as Mr. Daly is saying, he did not tell Mr. Daly about any of this. How can Mr. Daly, therefore, sit here and say that the process was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am sorry, but we have to be factual here. Mr. Daly knew at that time and he knows now that Mr. Cushnahan had an association with debtors that made up 50% of the loan portfolio. Is Mr. Daly seriously telling me that that does not in any way compromise the process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am not conflating at all.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Mr. Daly knew about the debtor connection.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am asking Mr. Daly now if he believes 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) (24 Nov 2016)

David Cullinane: He still does not believe it, which I find incredible.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: He still does not believe the process was compromised.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: One final point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: One final point, if I can. In his opening statement, Mr. Daly listed out all the stuff that he says PIMCO did not tell him, which was very valuable information Mr. Daly would accept that he did not know. Now that he knows that and they have been established as facts, along with all the other issues around Mr. Cushnahan's associations with debtors, Mr. Daly cannot say that did not in any way...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: That is quite incredible.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: The Comptroller and Auditor General clarified, stating that the probable loss arose when the decision was taken to sell the portfolio in a single lot.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: It is what he said.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I will be less than one minute. To be fair to Mr. McDonagh, he should be afforded an opportunity to retract his view on the view of the Comptroller and Auditor General if it is incorrect. Mr. McDonagh said in his opening statement that the view of the Comptroller and Auditor General is that a discount rate of 5.5% would have been appropriate to derive the market value of the portfolio. I...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Yes. In layman's terms, that is what was meant.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Mr. McDonagh is attributing to Mr. McCarthy the view that a discount rate of 5.5% would have been appropriate to derive the market value of the portfolio. Was that Mr. McCarthy's view? Is it anywhere in the report?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Could Mr. McDonagh be given an opportunity to withdraw his remark in that case?