Results 9,521-9,540 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) (17 Nov 2016)

Mary Lou McDonald: I want to check if that is factually correct.

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 a point of clarification.

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: Only in Fianna Fáil, though.

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 that spirit, let us motor on. I have a series of questions here.

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: That is at the discretion of the witnesses. I am happy enough.

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 welcome our witnesses. I apologise in advance if I splutter as I have a dose of illness. I have a number of questions and I will start with Mr. Mulcahy. His role was head of asset management. Will he explain briefly the relationship he had with NAMA debtors in the carrying out of his function?

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: What kind of working relationship did Mr. Mulcahy have with Mr. Ronnie Hanna, the head of asset-----

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: Yes, sorry.

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: Yes.

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: What was Mr. Mulcahy's working relationship with Mr. Ronnie Hanna?

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, I am not asking the witness how they got on. I am asking what was the dynamic of the relationship. Did they work closely or liase with one another? I know they had different functions.

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.