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Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: They were particularly sensitive in regard to that matter.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: The same sensitivity was not apparent in regard to Tughans.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Mr. Rowntree has said this strategic change came suddenly.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: I preface that by saying one of the points the Comptroller and Auditor General made in his report was that there was a turnabout. He was not commenting on whether that is right or wrong, but he did not see any evidence justifying that strategic change. Is Mr. Rowntree saying something similar now?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Total agreement.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Mr. Cushnahan resigned in November 2013.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: The last meeting had been held in Tughans' premises in October and then he gave in his resignation. Was it ever discussed as to why he resigned or what reason was given?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: For personal reasons.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Then Mr. Rowntree continued on as the one external member.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: There is correspondence here that they were going to replace Mr. Cushnahan but that never happened.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Was it ever discussed why he was not replaced?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: When did Mr. Rowntree learn about the success fee?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Regarding the sales process, from which PIMCO has withdrawn, was Mr. Rowntree aware of all of that?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: On 13 October.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Okay. I will put a hypothetical question to Mr. Rowntree in terms of his role as a member of the advisory committee, which he probably cannot really answer. If Mr. Rowntree had become aware of a success fee, how would he have dealt with the issue?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Would Mr. Rowntree have gone to the police?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: I return to the minutes of the meeting on 7 October. In respect of the time span, the Ulster issue was raised for the first time on 16 December 2011. I have checked the minutes and Mr. Rowntree is correct. There were a number of presentations relating to that in 2012. It was an active discussion up until Project Eagle-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: -----at that presentation Deputy McDonald went through with Mr. Rowntree, which I will not go through again. Up to that point, the Ulster project was very active and the committee was getting updates.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: That is right and that is clear when you put the minutes together-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Catherine Connolly: Mr. Rowntree thought there was one approach but really there was a separate approach that Mr. Rowntree only became aware of when this was presented to him on 7 October.

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