Results 10,101-10,120 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) (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...

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. Mr. Soffe is correct that the investigations will run their course but there is money resting in an Isle of Man account that needs to be accounted for. At some stage, those questions will come back in one form or another and this sequence of events will be part of that. I would like an answer in terms of when the conversation with Mr. Snow took place. We would be appreciative it if...

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: The board minutes reflect that NAMA was told that negotiations commenced in April 2013.

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: Follow my logic, NAMA is told at this juncture that the deal was signed off in the negotiations, presumably with Mr. Cushnahan and the other parties, in April 2013. This means the deal and the fee for Mr. Cushnahan - and equally for Brown Rudnick and Tughans - was agreed in April, which predates correspondence with Mr. Robinson, the Minister for Finance, Deputy Noonan, and NAMA.

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: For the purposes of clarity, PIMCO, on leaving the process of its own volition, as I interpret it, informed NAMA that this deal was struck in April 2013. That is my reading of the NAMA board minutes.

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: That is one hell of a typo. What it does not demonstrate is anybody asking or saying, "My God, April 2013. Was this a ready-up from the get-go? Who was at what at that stage?" How can NAMA clarify that point for us?

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 was PIMCO minded to give Frank Cushnahan £5 million?

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: The delegates are knowledgeable men of the world in terms of their market experience and how all of this rolls. Why would PIMCO have been minded to give Frank Cushnahan £5 million? I do not know what that amounts to in euro but it is a lot of money. Perhaps the witnesses would give us an explanation for 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: Did Mr. Soffe ever ask Mr. Cushnahan about it? Did he ever see him afterwards and ask him what was the story?

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: Perhaps Mr. Ellingham can tell us why Mr. Cushnahan would be in receipt of or in line to get money of that order - £5 million?