Results 9,661-9,680 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) (25 Oct 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) (25 Oct 2016)

Mary Lou McDonald: As a matter of fact, we do. According to the note taken by Mr. Collison's colleague, Mr. Stewart, counsel for PIMCO have made it clear that Brown Rudnick came to them. So a firm of solicitors came to them. We subsequently discovered that said firm of solicitors had a specific relationship with Tughans but we do not know at what point it began. We know for sure that Mr. Cushnahan had a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: Am I right in assuming, however, that it was Mr. Hanna, in the course of these exchanges with PIMCO - with Mr. Stewart party to some of the conversations - who was reporting back to the board?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: That is fine. We might come back to the matter. Turning to the extract from the signed minutes of 13 March, in this scenario Mr. Ronnie Hanna is reporting back on the conversations with PIMCO. At this stage there have been four exchanges between legal counsel, all of which Mr. Stewart was party to, along with Ms Aideen O'Reilly, who is his superior.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: That is correct. We only have four recordings. Do we have the fifth?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: I thank the witness for the clarification. In response to a question from the board, it was noted that - notwithstanding the premeditated fee-sharing arrangement that had been put in place by PIMCO - the catalyst for disclosure of the arrangement to NAMA was allegedly the insistence of PIMCO's legal and compliance department. I assume from the minute that it was Mr. Hanna presenting the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: I certainly will. I notice that at the end of record No. 4, which is the phone call with PIMCO on 12 March, there is a discussion around managing the message. PIMCO indicates that it does not want it to look like it has been kicked from the process, and that is not unreasonable from Mr. Rice's perspective, as it was clearly not kicked out of the process. A call in the morning was arranged...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: Could we have a note on that? It is ironic, particularly as NAMA subsequently has gone to considerable lengths to suggest that PIMCO was kicked out of the process. I would appreciate that note.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: I am sorry but we may have to agree to disagree on this point. Any objective analysis of what Mr. Daly and others have had to say does not tally with Mr. Collison's benign assessment. In the context of record No. 4, Mr. Rice stated that they had not notified the decision to their advisers. PIMCO, at this stage, has called it and is withdrawing. It informs NAMA that it had not notified...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 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) (25 Oct 2016)

Mary Lou McDonald: That boils down very much to a decision being taken by NAMA's most senior legal person. Is Ms O'Reilly the most senior legal that NAMA has?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: The decision was taken to leave the loan advisers in the dark and not to tell them.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: Please hold on. Sorry, Mr. Stewart, I want to point him to the-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: -----following: "There were no reporting obligations for NAMA-----"

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: "-----in regard to its advisors and no need to take positive action."

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: That is the decision that was taken at that point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 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) (25 Oct 2016)

Mary Lou McDonald: I do not know what it is about.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: Will we continue?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

Mary Lou McDonald: Do we want to?