Results 21,041-21,060 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: That is not the interpretation of the Comptroller and Auditor General. He does not have that interpretation in his 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: We can read it into the record.

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: To add to that and to set the record straight on this, I am almost certain that the Comptroller and Auditor General, in responding to this previously, said that the non-disclosure agreement concerned more than just access to the data room.

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: Ms O'Reilly said that it exclusively related to access to the data room. That is not the case.

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 know we are all charged and I respect that. I will be very quick.

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: No problem. I have a question for Ms O'Reilly. She spoke earlier about the non-disclosure terms. So that we are absolutely clear about that, does she accept that it was not just information that would have been accessed in the data room that was subject to the non-disclosure terms?

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: But I am asking Ms O'Reilly-----

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: However, it may not be. For example, if they had access to debtor information, would that have been included?

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 helpful. I thank Mr. Stewart for that. I tried on two occasions to get absolute clarity about a particular issue because it blows my mind that it did not happen. I will try one more time but do it in a different way. I will put this question to Ms O'Reilly. According to Mr. Daly, Mr. McDonagh and the board, on 10, 11 and 12 March, NAMA was not in possession of the actual date...

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: We may disagree on that. That is what NAMA is saying. Why was that the case?

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 point is that we know that on 10, 11 and 12 March, the board, CEO and the chairman of NAMA were aware of a success fee arrangement between Brown Rudnick, Tughans and Frank Cushnahan, but at no point on those three occasions was NAMA able to acquire the actual date. There had to be a reason for that and the reason was either that NAMA asked for the information and was not given it or it...

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: What was the response?

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 does not give any date.

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: If no date was given, why was the follow-up question not asked? Ms O'Reilly has not given us a date. We have asked a very specific question. We want to know the date because Mr. Cushnahan was a member of the Northern Ireland advisory committee and we want to be very clear that there was no association when he was a member. NAMA asked for the date and did not get it. Surely it would go...

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 putting myself in the shoes of the NAMA board. I am a NAMA board member. I am made aware of a success fee arrangement that involves a member of the Northern Ireland advisory committee. I do not know when that relationship started. I would try to get that information. Mr. Stewart says NAMA tried to get the information and did not get it. At no point was that ever established, which...

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: Cerberus said it was never asked.

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 would have put a completely different context on it. Mr. Mark Neporent was here and I put it to him. With respect, when Mr. Neporent was here-----

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 asked him whether Cerberus was made aware by NAMA that PIMCO had a success fee arrangement with Mr. Cushnahan who had been a member of the Northern Ireland advisory committee, Brown Rudnick and Tughans and he said "No". I asked him whether that information would have been useful to Cerberus and he said of course it would have been. Of course it would have been useful information for...

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: This goes back to Mr. Patrick Long from Lazard who said when he said one cannot disentangle Mr. Cushnahan from Brown Rudnick and Tughans. It also goes back to what the Comptroller and Auditor General said in his final finding. He said that NAMA was concerned about being legally OK but was not concerned with actually drilling down into it and making sure that Cerberus had access to the full...

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: Yet it is in the board minutes of 13 March that NAMA would do that and give the information to bidders about the departure of PIMCO if it was necessary. It would have been necessary in this situation.