Results 9,961-9,980 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) (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?

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 think people would anticipate NAMA bringing down the Government but how and ever.

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: Sorry, Deputy Connolly, I have other questions.

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: NAMA relies on Lazard. NAMA has cited its advisers repeatedly as guarantors as to the competitive tension within the process, having achieved best value in respect of the taxpayer and so on. This is very much the outfit that afforded NAMA the catch-all comfort blanket that all was well. Yet, it turns out, and we knew this already, that it was not informed of this carry on around fixer fees...

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: Can I put the following to Mr. Collison? I mean this genuinely as just a perspective. Given how things developed thereafter, given the fact that at the end of all of this, after all the comings and going have been concluded, NAMA is left, yes, with the sale but, again, with history repeating itself, and let us put it politely, a very deep controversy around success fees and fixers' fees and...

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: Did Mr. Collison know why PIMCO withdrew? Were Mr. Collison and Mr. Moriarty aware of the fixers' fees? Mr. John Collison:The success fee I became aware of literally after the board meeting on the 11th because I sat in on the call on the 12th as well when that discussion took place about PIMCO's exit. I was not aware before that and I was not at the board meeting on the 11th of March.

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: And Mr. Moriarty similarly.

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: When did Mr. Moriarty become aware of 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: I will be extremely brief. This question is on a different issue because there was a good deal of discussion on the discount rate, departure from the 5.5% rate and the different perspectives on that. However, another element that NAMA departed from was a position of working out the assets and a decision to bundle, but NAMA did not bundle the assets; it bundled debtors.

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 aware that even when NAMA is bundling assets it is, in the final analysis, dealing with loans. That is the issue here. On 10 October 2013, NAMA started its discussions with PIMCO. At this stage the board has been informed of the interest of PIMCO and so on. NAMA meets with it. The head and deputy head of asset recovery, who is Mr. Collison-----