Results 8,921-8,940 of 21,149 for speaker:Mary Lou McDonald

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)

Mary Lou McDonald: I do not dispute the accuracy of anything in the report. Mr. Daly understood from that correspondence that Brown Rudnick had canvassed, lobbied and found clients that might be interested in the portfolio, in other words, that Brown Rudnick was the initiator of the deal.

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)

Mary Lou McDonald: And that it was the initiator of the deal. I thank Mr. Daly for that clarification. Mr. Daly said in his evidence today that he did not know, however, until he saw the letter from PIMCO in April 2013 that not alone had Brown Rudnick gone to PIMCO to secure its interest in the portfolio, but in fact that it had introduced the company to Tughans and to Mr. Frank Cushnahan. Is that his...

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)

Mary Lou McDonald: So although Mr. Daly recognised and acknowledged that PIMCO came forward on 10 March to make a disclosure to NAMA, because it was clearly concerned to stay within the law and the regulations, that in fact it was less than complete with the information it gave to NAMA. Does that remain his testimony?

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)

Mary Lou McDonald: I thank Mr. Daly. I will now turn to Mr. Stewart. We will have a look at what transpired. I will come to Ms O'Reilly in due course. I understand the initial telephone call involved Mr. Stewart and Mr. Ronnie Hanna, who was head of asset recovery at the time. Is that correct?

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)

Mary Lou McDonald: Mr. Stewart was a party to the conversation. I have the contemporaneous note, which we got today, and I also have a copy of the e-mail which gives an account of that meeting. I just want Mr. Stewart to take me through it if he would. I assume he is looking at the same documents.

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)

Mary Lou McDonald: All right, that is the primary source so that seems reasonable.

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)

Mary Lou McDonald: The typo is not materially significant. I thank 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)

Mary Lou McDonald: There was Tom Rice, European legal counsel for PIMCO and Hugh Mildred, legal counsel. There was Dechert, Neil Gerrard, partner, Mr. Stewart and Ronnie Hanna.

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)

Mary Lou McDonald: Could Mr. Stewart please tell us what transpired in that conversation?

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)

Mary Lou McDonald: The fee arrangement that it found problematic had been suggested by 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)

Mary Lou McDonald: Okay. Could Mr. Stewart tell me when the bombshell was dropped? It is reiterated again that Brown Rudnick was the originator of the deal and that it brought it to PIMCO and not alone that but it was the originator of the fee and it confirmed that there was a three-way split – Brown Rudnick, Tughans and Mr. Cushnahan. What questions were asked or what reference was made in terms 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)

Mary Lou McDonald: I can read that too, but that is not what I asked Mr. Stewart. He was a party to the conversation so I am asking him to recall what was asked in respect of the timing - at what point the obvious question to ask is-----

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)

Mary Lou McDonald: No. When was it agreed?

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)

Mary Lou McDonald: It is an entirely reasonable question.

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)

Mary Lou McDonald: Who asked the questions? I do not mean to be disrespectful. Was Mr. Stewart taking the notes and listening?

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)

Mary Lou McDonald: So Mr. Hanna was leading the conversation. Mr. Stewart's testimony is that Mr. Hanna did not ask when it came about, only when they had become aware of 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)

Mary Lou McDonald: I am sure Mr. Stewart would have. Was it not very strange that he did not ask? It is a fairly obvious question.

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)

Mary Lou McDonald: Let us not speculate. I would speculate rather differently than that. Let us move forward to a subsequent conversation on 11 March, the following day, at 5 p.m. It involved largely the same cast, Mr. Tom Rice, Mr. Hugh Mildred from PIMCO, Mr. Stewart and Mr. Hanna. They picked up the theme again regarding Mr. Cushnahan and the success fees or fixer's fees, whatever term was used. Mr....

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)

Mary Lou McDonald: Reference was made to a draft letter of engagement. Once the amount was queried, it became evident the payment was to be split three ways, and clarification was sought from the firms afterwards. There is set out the fact that PIMCO, on examining the letter of engagement became aware and concerned about the fees and the manner in which they were to be split. It also demonstrates that PIMCO...

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)

Mary Lou McDonald: Explain why.