Results 9,201-9,220 of 21,440 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 am not sure that we are. It is clear to me that we actually do not have the contemporaneous notes from 10 March. Will NAMA get them and provide them to us? I am not referring to an e-mail. I am referring to the contemporaneous notes - accurate ones.

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 will be leniency then.

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 just see how we get on.

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: If he does not mind, perhaps Mr. Coleman would swap seats with Mr. Stewart. Could Mr. Daly tell the committee when he realised or knew that Brown Rudnick had brought this proposition on the Northern loan portfolio to PIMCO? When did that come to his attention?

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. Daly co-operate with me? I will allow him to come back to that point because I am very anxious to her his answers but I am leading the questioning.

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: In March then Mr. Daly discovered that Brown Rudnick had prompted-----

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, I am not asking 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)

Mary Lou McDonald: That is 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: Let me be more explicit and let us not confuse ourselves or people who may be watching the proceedings. The narrative thus far for NAMA has been that an approach was made by PIMCO. A reverse approach was made through Brown Rudnick in respect of the Project Eagle portfolio. When we had a conversation about that at one stage I said it was interesting. I wondered how it had occurred to 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: What I want to know is whether Mr. Daly knew all along that was the sequence of events, that in other words, 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: No, at what stage - when, what date and what month - did Mr. Daly realise or did it come to his attention 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: 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?