Results 9,021-9,040 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 think we have to arrive at the conclusion that Mr. Daly, Mr. McDonagh and all present today from NAMA are resolutely sticking to the position that they knew nothing of any involvement of Frank Cushnahan with PIMCO and this transaction prior to March 2014. They are saying that despite the fact that there is a reference in the contemporaneous notes of the telephone call and the board...

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: Excuse me. That is a very serious assertion to make in respect of PIMCO. We need a response from PIMCO on that matter. Similarly, we had to get a response from PIMCO on the question of whether PIMCO went or was pushed in respect of its exit. There was a time when Mr. Daly was absolutely resolute, to the point of almost being obnoxious, in his assertion that NAMA kicked PIMCO out. 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: No, that is a statement of clarification. I am conscious that we have gone around in circles on that issue.

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: Why is Mr. Daly taking issue with my use of the word "mislead"? I want to understand what Mr. Daly is saying about 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: Then, what does not sharing information of that nature with NAMA amount to? What words would Mr. Daly use?

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 know what is in the letter.

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: That is correct. PIMCO did not give NAMA that information. If that was not misleading NAMA, what is the correct word to use?

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 was a sin of omission. Let us be clear about it. We had to go through this whole thing with some of NAMA's board members also, when they made the accusation against PIMCO that it sought the acquiescence of NAMA to stay in the process. From my reading of the documentation of the minutes and notes of phone calls, it is clear to me PIMCO placed a premium on staying within the rules and...

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: Very good. That is fantastic.

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 disputes that with Mr. Daly. Mr. Daly is now moving on and saying PIMCO had information of material interest and very great significance in respect of a person who was a member of the NAMA Northern Ireland advisory committee and it chose, for whatever reason, not to share the information with NAMA. This is a very serious allegation for Mr. Daly to make in respect of 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: Yes, well we need to ask it why. That is not to say I accept Mr. Daly's version of events. I am deeply sceptical and I will explain why. Riddle me this, Mr. Daly. Why would PIMCO not share the information it had on Mr. Cushnahan with NAMA? Why not?

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: What jeopardy would it have demonstrated for PIMCO? It was in trouble anyhow and it knew this. That is why it contacted NAMA, to say it had a problem. Its legal people absolutely acknowledged the magnitude of the problem. Particularly in the United States and Britain, people do not break anti-corruption standards and laws-----

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 PIMCO knows this. Explain to me why it is that PIMCO would have an interest in keeping the information from NAMA.

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: Neither do I.

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: Hang on a minute, Mr. Daly is making a very serious charge against PIMCO. He is saying PIMCO knowingly and deliberately kept very serious information material to this case from him and from NAMA despite the fact it had made contact to make the disclosure of a conflict of interest and the problems associated with 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: Okay.

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 tell me Mr. Daly, which part of that is not misleading you? You challenged me when I used the term misleading.

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 not here to play word games with Mr. Daly. I am here to try to establish to the best of our abilities in the course of this examination what the hell happened and why, and who knew what and when.

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: Yes, and the other fact-----

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 suspect if PIMCO is by any chance following-----