Results 21,841-21,860 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 (29 Sep 2016)

David Cullinane: Basically, what Mr. Daly and Mr. McDonagh stated on 9 July and in their opening statements today is that the board of NAMA was made aware of very serious issues and it took a decision to try to remove PIMCO from the sales process. What happened was that the board of NAMA and action that was taken following the board's decision led to PIMCO leaving the stage. That is Mr. Daly's and Mr....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: We will get to that in a moment. That is Mr. Daly's contention. Page 116 of the Comptroller and Auditor General's report features minutes of a meeting of the NAMA board. Mr. Daly stated in response to Teachta McDonald and others that the board minutes reflect his view and not the view that is reflected in Appendix E, which we will discuss in a few minutes. According to Mr. Daly, the board...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: According to the minutes, as set out on page 117: "The Board noted that, in light of the co-location of offices between Frank Cushnahan and Tughans Solicitors (Belfast), there were some reservations in respect to a success fee payment to the latter". The phrase used is "some reservations". It subsequently states:However, the Board members raised concerns [We can read into that what we...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The final paragraph of the minutes states: "Following consideration, the Board agreed that the success fee arrangement in respect of Frank Cushnahan as advised by PIMCO on the conference call of 10th March 2014 represented a significant issue for the Board". The reference is to this being a "significant issue" for the board and to concerns being raised. Mr. Daly cannot, with any...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: With respect, Mr. Daly is being extremely subjective and one could read different interpretations from what the minutes say. Mr. Daly's very strong contention is that the board took a decision to force PIMCO out of the game. There is no way he can say that the minutes clearly state that. There is-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Does Mr. Daly have documentation to support the process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: This is not semantics but what is reflected in the minutes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: I have heard Mr. Daly's response and he has given his view on and interpretation of the minutes. To be fair, that has been reflected.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The words used were "whether PIMCO's bid, at this stage, was fatally flawed". The word is "whether" but, as Mr. Daly said, we can disagree on the wording.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: That is Mr. Daly's opinion.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The Comptroller and Auditor General has a different opinion and the opinion expressed in the report is also different. We will get to that in Appendix E. Let us tease that out.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: With respect, the test of whether Mr. Daly's version of the minutes holds any water is in Appendix E, which we will go through line by line. Before we do so, Appendix E, as I read it, is a summary of communications and conference calls between PIMCO and NAMA. This information was given to the Comptroller and Auditor General and it is his synopsis of what happened. We will go through it...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The head of asset recovery was Ronnie Hanna. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Appendix E continues as follows:PIMCO informed NAMA that its external legal advisors, Brown Rudnick, had initially proposed the Project Eagle deal to PIMCO and that a success fee arrangement was in place between PIMCO and Brown Rudnick. Following enquiries, PIMCO had learnt that the fee was to be split three ways between Brown Rudnick, Tughans and Mr Frank Cushnahan, a former NIAC member....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: This is an important line of questioning. The report goes on to state:Following a special meeting of the NAMA board of 11 March 2014, a call was convened with PIMCO. During a call later that evening (11 March 2014) PIMCO expressed its disappointment that disclosures of interest had not been made to NAMA. PIMCO stated that it did not want to remain in a process that could be associated with...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Mr. Daly can read them

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: What was discussed were other options and how they could shape the arrangement differently for the fee to come out.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: That does not alter the reality of the discussion and the fact that the reading of this does not corroborate what Mr. Daly said earlier. PIMCO withdrew from the process and there was what was described earlier as a "graceful transition" of two of the actors in respect of success fees, who moved lock, stock and barrel over to Cerberus. Again, NAMA took no action. While PIMCO had the sense...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: There is only one man left standing.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: And years 2013 and 2014.