Results 21,181-21,200 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: I am quoting from Cerberus's opening statement.
- 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: No, it is a bit unfair.
- 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 Chairman has made his ruling, so I will ask Mr. Corrigan a question. When the board, of which he was a member, was made aware of the arrangement between Cerberus, Tughans and Brown Rudnick, did anybody on the board ask what information they were providing to Cerberus? Did they ask what the arrangement or the purpose of the success fee and the relationship was?
- 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 read from the report of the Comptroller and Auditor General's report. With respect to the Chair, these are issues he raised. Conclusion No. 55 reads, "Given the joint agreement between the parties to the success fee arrangement with PIMCO, all of the payment – not just the payment to Mr Cushnahan – should have raised concerns for NAMA." The same applies in relation 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: The Comptroller and Auditor General goes on to state, in finding No. 56, that the understanding that Brown Rudnick and Tughans had allegedly been in an arrangement with a member of the NIAC at any stage of the process should have raised concerns for NAMA over the potential impacts of such arrangements on the sales process. The following finding is that the board did not appear to have asked...
- 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 am trying to understand where the board was at that time. I fully understand that the board did not have all the information which we have today. We are getting information all the time and have received some from PIMCO, Fortress and Cerberus, giving us facts the board did not have and I do not expect the board to operate on the basis of hindsight. However, I ask the board to give us a...
- 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 need to clarify one point. Mr. Corrigan is factually wrong because finding No. 54 states that during NIAC meetings and annual statements of interest, one external NIAC member, Mr. Frank Cushnahan, declared his involvement as an advisor to six NAMA debtors. It goes on to state that the NAMA board should have formally considered whether Mr. Cushnahan's engagement in discussions of the...
- 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: Was it not an issue for Mr. Corrigan, 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: Is Mr. Corrigan telling us that the NAMA board was never made aware of this conflict of interest and that it was never brought to the attention of the full board?
- 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 aware of his association with debtors.
- 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: He had the information directly from the debtors. He was working with the debtors, was a member of the NIAC board and ended up working with Brown Rudnick and Tughans. They were touting for business and were approaching three potential bidders. According to PIMCO it was approached by these parties.
- 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. Rowntree says something different. He said he would be smiling-----
- 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. Rowntree was at those meetings and he said he would be smiling if he was a potential bidder with access to the information he had.
- 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: There is a qualification for the 10%. The qualification related to the question of the point when the assets would be sold. Different rates applied at different times.
- 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 witnesses want us to ignore hindsight when it comes to conflicts of interest but accept hindsight when it comes to discount values.
- 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 respect-----
- 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: Hold on. With respect, I have three issues I wish to have clarified. I wish to come back in again. I am not interested in whether there are votes or whatever; we have a serious job of work to do.
- 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: We have to try to establish facts. I am asking that we have the opportunity to come back a second time to ask because I want three specific issues clarified.
- 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 want three issues clarified. I appreciate that the witnesses have come before us and have been very frank. An Teachta Aylward asked about the restrictions that the bid could not be syndicated or finance pre-bid. NAMA put up this defence a number of times; Mr. Daly said this when he appeared before the committee. The restrictions in the process were to avoid what he called "tyre...
- 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: Who were the last two bidders in the process?