Results 31,281-31,300 of 33,123 for speaker:Catherine Connolly

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)

Catherine Connolly: Yes, and the period 10 to 12 March.

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)

Catherine Connolly: We have heard all that before. 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)

Catherine Connolly: I am not asking about that aspect of the legal position. That has been outlined previously. It is outlined fairly in the Comptroller and Auditor General's report. He takes NAMA's view and he outlines it. My question to Ms O'Reilly and Mr. Stewart, as legal people, concerns the phone calls they had. Mr. Stewart was present for all the phone calls, I think; Ms O'Reilly was present 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)

Catherine Connolly: I am asking Ms O'Reilly and Mr. Stewart, as legal people, did alarm bells not go off in their heads? Did they not say to themselves that this man had been on the Northern Ireland advisory committee and was allegedly to receive this amount, as PIMCO had informed them? Did they not say to themselves that he had been in on everything at the advisory committee? Did they say to themselves that...

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)

Catherine Connolly: That is what Ms O'Reilly and Mr. Stewart did.

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)

Catherine Connolly: Did they not think there was a duty on them to inquire further or to write to Mr. Cushnahan and query the fact that it was being said that he would receive this sum? Did they not think that was necessary?

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)

Catherine Connolly: We will fast-forward. We know today that PIMCO withdrew and engaged Brown Rudnick as advisers and that the very next day, Brown Rudnick went to Cerberus. Were Ms O'Reilly and Mr. Stewart aware of that at the time?

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)

Catherine Connolly: Is there any mechanism that should have been in place regarding non-disclosure? I tried to understand this earlier and failed to do so. Are Ms O'Reilly and Mr. Stewart telling us that solicitors, knowing everything, can walk from one company, in this case PIMCO - and NAMA knew that the solicitors were to receive fees - and the very next day go to the new bidders. NAMA became aware of that...

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)

Catherine Connolly: Has Ms O'Reilly looked at the non-disclosure agreement?

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)

Catherine Connolly: Has she looked at 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)

Catherine Connolly: Is Ms O'Reilly telling the committee that there was no obligation under the non-disclosure agreement for Cerberus, the bidder, to tell NAMA that it had taken on Brown Rudnick?

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)

Catherine Connolly: 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)

Catherine Connolly: I understand that. I am not taking issue with that. That is the evidence that has been given. My question to Ms O'Reilly is a little broader. She said she read the non-disclosure agreement. Is she telling the committee, as a matter of record, that there was no obligation on Cerberus to tell NAMA that it had engaged Brown Rudnick?

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)

Catherine Connolly: I will give Mr. Stewart-----

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)

Catherine Connolly: I will come back to Mr. Stewart. I am speaking to Ms O'Reilly as the head of-----

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)

Catherine Connolly: With the permission of the Chairman, absolutely.

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)

Catherine Connolly: It is difficult to keep one's train of thought so late in the evening, at 7.30 p.m. Ms O'Reilly has made the point clearly. I will not repeat it. On 3 April, did it not occur to her, as head of legal, to say to herself that NAMA discovered this within less than a month of the whole shock over PIMCO and the fees and that it was now 3 April? One would be forgiven for thinking it was 1...

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)

Catherine Connolly: Brown Rudnick, within a one day, went to the successful bidder, and the solicitors were to get a success fee. NAMA knew they have been with PIMCO prior to this and that the money was allegedly to go to a former member of the Northern Ireland advisory committee. I asked Ms O'Reilly whether alarm bells went off in her head about the process or anything else.

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)

Catherine Connolly: Did it occur to Ms O'Reilly at any stage to ask Brown Rudnick when it was employed by Cerberus?

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)

Catherine Connolly: No, Brown Rudnick. Did it occur to Ms O'Reilly to ask Cerberus, in any of these e-mails or contacts, when it employed Brown Rudnick?