Results 9,241-9,260 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: That is not my reading 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: Mr. Stewart was on the call and I am reading his record of the call.

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, what matters is what is on the record here.

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: They are your notes, and it was Mr. Rice's impression, and he echoes it in their correspondence with the committee in this month of November that they understood there was a NAMA involvement in the arrangement going back to April or May 2013. Mr. Stewart disagrees. That was their impression.

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 can tell me about it later. Will he, please, stick to this issue? This development dates back to the origination of the deal with PIMCO and the proposal in respect of an acquisition B. It was not something that had popped up out of nowhere; it was part of the arrangement from the get-go when PIMCO was approached. The split was mentioned some time ago. He was telling NAMA 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: All of this happened and during all of the time Mr. Rice was telling Mr. Stewart - I take Mr. Stewart at his word that it might not have been made as clear as this - Mr. Cushnahan was still a member of the Northern committee of 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: Will Mr. Stewart, please, listen and not try to confuse matters? I am saying he was giving Mr. Stewart an account of things that had happened prior to the March date. Mr. Stewart is well aware of this.

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: As he described to Mr. Stewart his understanding of an involvement with NAMA, the origins of a fee, the fact that it had previously come to their attention and they had had a look at it, he was giving dates, during which time Mr. Cushnahan was still a member of the Northern committee of NAMA. Is that not the case? That is what Mr. Stewart's note tells us.

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: He referred to the second half of 2013.

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: When did Mr. Cushnahan step down?

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, in the tail end of 2013. Earlier my colleague raised the issue of the minutes with Mr. Daly. Mr. Stewart is a legal practitioner. Perhaps he might tell the committee about his understanding of the status of minutes in legal terms.

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 want Mr. Stewart to address the issue of the minutes, particularly the minute of, I think, 13 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)

Mary Lou McDonald: Yes.

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: Absolutely. Not only that, but minutes are taken as evidence of what transpired at a meeting. 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: No, but nonetheless they are deemed to be evidence of what occurred at a meeting, unless they are proved conclusively to the contrary. 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: We often have discussions at committee meetings about minutes just being notes of what happened at a previous meeting.

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 addressing the Chairman. Minutes are much more than that; they are afforded a position in the Companies Acts because they are important. They are a legal requirement to be met by companies and entities. Minutes are not mentioned, albeit only a handful of times, in the NAMA Act. They are not just somebody's impression; they are evidence of what occurred. I ask Mr. Stewart to look at...

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 see how Mr. Stewart could possibly read that board minute in any other way.

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 were the parties to the negotiations on 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) (24 Nov 2016)

Mary Lou McDonald: I would like to make one final point. The reason this is absolutely critical is the version of events from NAMA - this is in the report of the Comptroller and Auditor General - when it was asked what it had done when this conflict of interest came to light is that when it had come to light Mr. Cushnahan had stepped down. NAMA's response was that it had discovered there was a success fee,...