Results 9,801-9,820 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) (18 Oct 2016)

Mary Lou McDonald: They sought the acquiescence of the witnesses.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It was not of concern to Mr. McEnery.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Why does Mr. McEnery think the legal and compliance unit of PIMCO was in touch? There was a issue of legality, compliance and regulation and that is why they called him.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Mr. Soffe is trying to dance around my central point but his assertion is recorded on 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) (18 Oct 2016)

Mary Lou McDonald: I will be concise and I thank the witnesses for their patience. The sequence of events was the NAMA board had met on 11 March and 13 March to hear the shocking news about PIMCO and fixer fees. Whatever the precise chain of events, PIMCO exited and then there was no meeting for about three weeks. Then the board came together again on 3 April. This meeting was for the purpose, on the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am sorry to contradict Mr. Ellingham, but the minutes state the board then considered the-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Pardon me, it is on page 121 of the Comptroller and Auditor General's report. It states, "The board then considered the AR paper. It was noted that the paper contained a very clear recommendation in favour of Cerberus".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: But I did not say that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am conversant with that fact. I am also conversant with the fact it was the head of asset recovery who brought forward this paper. Not alone was the board asked to clear that, but it was then given news that, guess what, Cerberus had a fee-sharing arrangement with Brown Rudnick and Tughans. The board only became aware of this on the 3rd, but it is clear from the minutes that the chief...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Did any of the witnesses ask them? Did somebody say, "that is interesting Frank, thank you for that Brian, when did you discover this and on what date did you discover this?"

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: So they only discovered this, that is your understanding, Mr. Daly and Mr. McDonagh-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Let me help you, they did. They could not not have. Somebody had to know to inform the meeting. The board minutes state, "The NAMA Chief Executive advised that following a discussion with the Chairman [so that is the two] AR [that is asset recovery, Ronnie Hanna] had engaged with Cerberus to ascertain whether there were success fees payable and to whom". Then they discovered that there...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: How did you know?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Mr. Ellingham was aware of this conversation. Was Mr. Soffe aware?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: How about Mr. McEnery? Can he enlighten us on this conversation?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It is material to our considerations. Mr. Daly has placed on the record of this committee that he did have a conversation with Mr. Snow. At the time, I asked whether he could go back and confirm for us when it happened. We did not get that information either.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: We need to know this. My broader point is this. The witnesses are members of the board. They take their commitments under section 10 and section 18, to act faithfully with due diligence and act responsibility, to heart, but there they are, at the end of a telephone line and they are told a decision is needed, asset recovery is recommending Cerberus and, by the way, it was checked out and...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: No disrespect to the witnesses, and they are three accomplished persons, but they were not exactly probing or inquisitive, judging by this minute, as to how they met the news. They were shocked, horrified and disgusted when they heard about the PIMCO arrangement, and Mr. Cushnahan was named in that scenario, but if I am to go by this minute the gentlemen were quite blasé. I do not want...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Yes, I am 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) (18 Oct 2016)

Mary Lou McDonald: I put it to the witnesses that subsequent revelations, I believe, reflect the fact the board acted most unwisely at this juncture. We have criticised other parties for not intervening in different ways. From my reading, it was most ill-advised of the board. Now that there are inquiries in three separate jurisdictions in respect of this transaction, it reflects the lack of wisdom...