Results 10,121-10,140 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 (29 Sep 2016)

Mary Lou McDonald: The report and the supporting documentation establishes, as a matter of fact, that NAMA changed its asset disposal strategy and, as a matter of fact, that it changed its sales process or stepped outside its established practice. Can I have a "Yes" or "No" answer?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Let us come-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Probable loss. We will come to that-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: That is a hypothesis also but we might come back to that. Mr. Daly would accept a change in asset disposal strategy and a change in terms of the sales process. If I have time I will come back to the sales process but I might suggest that the most bespoke element of all this is the issue of conflicts of interest. Mr. Daly's contention, which he has repeated time and again, is that he...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Yes. I would like Mr. Daly to tell me when the success fee was agreed with Mr. Cushnahan.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Why does he not know?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I will come to that in a moment. Mr. Daly was also told by PIMCO that negotiations began in April 2013.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: On the fixer's fees.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Or success fees.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It is a matter of semantics what they are called. Mr. Daly does not know whether the success or fixer's fee was negotiated and agreed in April 2013, which, bear in mind, predates the letters going through the political system and winding their way to him. Why does he not know that and what did he do to establish whether that was the case?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Did Mr. Daly ask for it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Why did he not ask for it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Notwithstanding the fact that Mr. Cushnahan was gone from the Northern committee at that stage, I put it to Mr. Daly that he still had a responsibility to establish the chain of events? Having discovered that he was due for one of these fees, and that was what PIMCO was telling Mr. Daly, he had an absolute responsibility to establish exactly when that deal was struck.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I would find it astonishing, given how frank PIMCO was with Mr. Daly, if it would have refused him that information. I do not believe it would have refused him that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I do not accept Mr. Daly's answer. If I might suggest, Chairman, that in our correspondence with PIMCO, given that Mr. Daly did not seek that information, we might pursue that matter directly with PIMCO to see if we get a response from it as to when it was agreed that this fixer's fee would be paid.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: On a previous occasion-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: That is fine, and we will pursue those matters in the appropriate way, but Mr. Daly, as the head of NAMA, could not answer a question I have put to him today that I regard as germane. I would have expected him to establish when Mr. Cushnahan struck this deal in terms of the success fee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: No. He told me he did not know when Mr. Cushnahan-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: On a previous appearance here, Mr. Daly contended that he got PIMCO to withdraw from the process. That is not true. That had been contested from the get-go by PIMCO but we now have documentary evidence to demonstrate that is not true. Mr. Daly did not get PIMCO to withdraw.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: PIMCO withdrew. I point Mr. Daly to Appendix E in the report - Communications between PIMCO and NAMA. It refers to a conference call on 10 March 2014 and conference calls on 11 and 12 March. I am very sure that Mr. Daly has read these and what they reflect is the series of events in which PIMCO approaches Mr. Daly, tells him what has happened, signals its willingness to leave, signals its...