Results 9,241-9,260 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) (17 Nov 2016)
Mary Lou McDonald: Great.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Okay. There was a paper that went to the board, of which the witness was still a member I believe. It was 12 December 2013. It is on page 136 of the document and it runs to several pages. It pertained to asset recovery and Mr. Ronnie Hanna presented this paper. Did Mr. Mulcahy have any involvement in its preparation?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Okay. So the first he saw of it was when it landed at the board.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: I am not sure if Ms Finan was still around at that stage. I think she was gone but Mr. Corrigan-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Okay. All of the witnesses, having read this paper and deliberated over it, would acknowledge, I am sure, that the discount rate and scenario examined by the Comptroller and Auditor General is contained in the paper. The discount rate had figures of 5.5% and 2.5% and no 10% figure features there. I am correct in saying that and I want this for the purpose of the record of the committee.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: There is the 10% issue and I do not want to get into the innards of that discussion again. It emerges as an issue much later. NAMA raised it as a defence in explaining its decision making after the fact in 2016, producing evidence to support the approach after the fact then. Is that right in the timeline of events?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: We have been down that road. I am referencing particularly Eagle and what is contained in the report. I am just asking for the witnesses' assistance as former board members to confirm that they understand the timeline of events. That is how it played out.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: I am sure also, having studied the report from 12 December, at the end of page 147 of the Comptroller and Auditor General report, it is noted at that stage that PIMCO would likely forgive personal recourse in return for the borrowers handing over their property assets in a consensual manner. Do the witnesses see that? Yes. Notwithstanding the lack of status of the memorandum of...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: It is illegal.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: I thank Mr. Mulcahy for that assistance. I want to point to the fact that-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Thank you. There was a discussion earlier about the memorandum of understanding. I think it was put directly to Mr. Corrigan and he replied that he did not know or hear tell of the memorandum of understanding, but I am pointing out that while he may not have seen that document, there was certainly an understanding or a discussion around the possibility, if not the probability, of...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: In a consensual manner. Of course, that would be extremely important, would it not? As Mr. Mulcahy said earlier, he was surprised that anybody came along to purchase this portfolio. He was astonished if not verging on being disparaging towards the North of Ireland, but how and ever, he was surprised.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: I do not wish to get bogged down in that. Obviously the issue of the mindset of the debtors and how they might have behaved would be critical to anybody considering purchasing the portfolio.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Okay. Let me remind Mr. Mulcahy that when he was talking about the transaction earlier, he said it was inspired. He was clearly relieved and delighted as a board member that a buyer was found. He instanced several times the issue of debtors and said they were "unusually difficult" in the North. What does he mean by that?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: No. What does "unusually difficult" mean?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: They were not playing ball and producing business plans and going along with the process.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: Where is there a record of those interactions with the Northern debtors? Who has that information?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: I understand that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: So Mr. Mulcahy did deal with some of the Northern debtors?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Mary Lou McDonald: First, let me clarify, where is the paper trail or who has the documentation in terms of those difficult problematic interactions with Northern debtors? There obviously is documentation somewhere.