Results 261-280 of 321 for nama 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) (6 Oct 2016)

David Cullinane: ...a fully open sales process, which would by its nature take longer to conduct, would freeze activity in the Northern Ireland market for a period of nine to 12 months". He then went on to say that NAMA "did not believe that a fully open sales process would yield any additional benefit in terms of identifying other credible bidders". He conceded, in the context of one of the criticisms of...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: ..., and this is what the Minister is avoiding, Mr. Frank Daly said last week, conceded indeed, that this was not a fully open sales process and went on to justify why it was not thus. He said that NAMA "did not believe that a fully open sales process would yield any additional benefit" and that the agency was "very cognisant of the [political] damage that a fully open process could cause"....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: I just wanted to deal with the differences of opinion between PIMCO and NAMA 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) (6 Oct 2016)

David Cullinane: ...process. If those are his words, and I have quoted what he said four times, then it does not matter how many bidders were in the process. He said that this was not a fully open process and that NAMA was "very cognisant of the [political] damage that a fully open process could cause".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: ...evidence and information that was given to him. Any opinion given by Mr. Carville and Mr. Reid today is based on either the Comptroller and Auditor General's report, information they got from NAMA, and their own view of the process and so on. Is that fair enough?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: The Minister also said earlier that he had no role in terms of directing or influencing NAMA with regard to its commercial activities, but he did say that he would give advice. He has had several conversations with the chair of NAMA-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: No. We can go back over the record. The Minister said, "I give advice". He did say that. Has the Minster ever given advice to NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: ...of interest and the action he did or did not take. First, when did he become aware of the conflict of interest with regard to Mr. Cushnahan's association with six debtors that made up 50% of the NAMA loan book?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: ...fee, and that three-legged stool was Brown Rudnick, Tughans and Mr. Cushnahan. We also know that once that came into the public domain and PIMCO was made aware of the success fee and informed NAMA, it eventually withdrew from the process. We know that two of the three legs of the PIMCO success stool transferred seamlessly from PIMCO to Cerberus and the briefing note Mr. Reid prepared...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: With respect, the Comptroller and Auditor General said in his report that NAMA had relied heavily on this so-called letter of comfort or assurance from Cerberus. It did not conduct the type of examination the Comptroller and Auditor General said it should have done, which was to acquire information from Tughans and Brown Rudnick to see if there was still an association with Mr. Cushnahan.

Public Accounts Committee: Business of Committee (29 Sep 2016)

David Cullinane: Yes. It relates to this meeting and a discussion that flows from our last meeting. The issue is whether any members of this committee have received correspondence or calls from NAMA in relation to briefings. There was some reporting to that effect. Did any member of this committee-----

Public Accounts Committee: Business of Committee (29 Sep 2016)

David Cullinane: I want to know whether any member was offered a briefing by NAMA.

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: ...General's report and the 58 findings. I want to try to establish on what basis those findings were made and whether they were findings based on facts, documentary evidence and experience within NAMA; apologies, experience within the Comptroller and Auditor General's office which NAMA disputes. It is fair that we have to interrogate the findings of Mr. McCarthy's report, which I am sure...

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: Number 7 reads: "There is no indication that NAMA or its Board had given consideration to a bulk sale of either its loan collateral in Northern Ireland or of the loans of the debtors based in Northern Ireland prior to Brown Rudnick’s correspondence in June 2013." Number 8 states that "NAMA has stated that, although not recorded formally, it considered and rejected alternative...

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 stated earlier that he had some interesting discussions on semantics with the members of NAMA on the meaning of certain words in the context of the sales process, the sales strategy and the work-out value, the sales value, etc. As part of the preparation for this report, the Comptroller and Auditor General would have had a lot of communication with NAMA on...

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: ..., both in respect of Mr. Cushnahan and the presence of success fees with regard to both Cerberus and PIMCO. Were those findings or the Comptroller and Auditor General's conclusions challenged by NAMA in any of the discussions that took place?

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: Let us take the findings individually then. One of them is that "The NAMA Board should have formally considered whether Mr Cushnahan's engagement in discussion of the strategy - including the PIMCO/Brown Rudnick approach - was consistent with his ongoing involvement as financial advisor to a significant proportion of NAMA's Northern Ireland debtor connections." Did NAMA question or query...

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: ...held there. 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. Did they offer up any defence as to why it did not raise concerns?

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: ...General goes on to state, "The allegations of Mr Cushnahan's involvement in an arrangement to share fees with Brown Rudnick and Tughans (or the managing partner of Tughans) warranted more action by NAMA ...". Did NAMA ask at any point what further action that would have involved?

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: Did NAMA challenge that? Did it offer any reasons why those courses of action were not taken?