Results 21,161-21,180 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) (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...
- 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: With the greatest respect to the Chairman, I am not asking witnesses to comment on what they knew then. I am asking them whether they were aware of the PIMCO letter in which PIMCO said it was approached by these individuals in April. I accept that, at the time, based on the information he had, Mr. Mulcahy may have had a view that he had received an approach from PIMCO. He did not know...
- 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: Is that a worry for Mr. Mulcahy, as a board member?
- 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 is my point. Given the information we now have, the genesis goes back further. It is not that Mr. Mulcahy knew at the time. We know it 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: Mr. Mulcahy also said the lack of information is overstated. However, PIMCO was prepared to pay these three partners £15 million for the information. We also know from Cerberus that it was also prepared to pay two of those parties £16 million for the information. Clearly, there was a price and a premium on information, given that they were prepared to pay that kind of money. 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: This is one of the issues touched on in the report of the Comptroller and Auditor General. Mr. Mulcahy, as a board member, was made aware that there was a conflict of interest and that there were success fees with both Cerberus-----
- 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: The board was made aware of a conflict of interest by-----
- 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: They were made aware when PIMCO approached NAMA and said there was a difficulty. We also have the conference calls.
- 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 asked whether board members were-----
- 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 is a bit frustrating for me. At the very beginning I asked who was on the board and when. If people were not on the board when decisions were made, that is fine. There are people here who were, and they can answer those questions. I asked at the beginning of the meeting.
- 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 will put the question in a different way. We know NAMA was made aware of conflicts of interest and a success fee between PIMCO and Brown Rudnick, Tughans and Mr. Cushnahan. It was relayed to the board because we had plenty of discussions with other board members and NAMA around conference call minutes and so on, which is in appendix C of the report. The board was made aware that there...
- 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 will put the questions to Mr. Corrigan. The questions to Mr. Mulcahy were on information, and he said he did not know what information they were providing. Cerberus said the information it provided was "material containing information and research relating to the portfolio's borrowers, guarantees and assets and potential business plans".