Results 10,161-10,180 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) (13 Oct 2016)

Mary Lou McDonald: I accept that and we have that now as a matter of record. Does Mr. Rowntree think that he should have known?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: But that did not happen.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: So there were not consistent in their approach.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Did Mr. Rowntree know that Cerberus had stepped in?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Mr. Rowntree had notice of the finalisation of the deal at the eleventh hour, as I said.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: It strikes me as very strange behaviour from the chairman of a committee with whom Mr. Rowntree had worked for a considerable length of time at that stage.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Very often when these matters have been discussed, Mr. Rowntree, the assertion has been made that Project Eagle and all of the controversy associated with it is "a Northern matter." I take from Mr. Rowntree's evidence a very clear statement that control, decision-making and ultimately responsibility was vested in the board of NAMA, which was located not in Belfast but in Dublin.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: NAMA contends that if there were problems, and we know there were clearly governance failures and matters more serious that are not for this committee in respect of this transaction, that the problems resided exclusively on the part of the buyer and not on the part of the seller. I do not wish to put words in Mr. Rowntree's mouth but from his testimony today I think that he raised questions...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Mr. Rowntree was working on the assumption, which is not unreasonable, that the decisions made in respect of what transpired around PIMCO and the decision to carry on would be informed by a view of the audit committee and legal opinion. Would that be his expectation?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Can I dissent from that analysis?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I strongly dissent from it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I refer to the timeline, as advised by Mr. Rowntree. He was informed on 7 October.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Mr. Daly briefed on Project Eagle; therefore, the name had been selected at that stage. The minutes state the chairman had broadly outlined what a NAMA sale process would entail with value and in an open market and key considerations for the agency. The committee discussed the approach to be taken and views were expressed. Mr. Rowntree raised a number of issues such as the sale of a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The chairman advised the committee that an unsolicited approach had been made to NAMA by PIMCO to buy the debtor portfolio, not the assets.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The preliminary discussions had taken place and he advised Mr. Rowntree that the board would consider the matter at its meeting on the 10th with a view to possible further engagement and that the respective Finance Ministers, Deputy Michael Noonan and Mr. Hamilton, had discussed the matter at a recent meeting. The minutes reflect the fact that the Minister for Finance's view was that it was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: When he outlined what a NAMA sale process would entail-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Did he say at that stage that PIMCO had been looking for exclusivity?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Therefore, he did not go into whether it would be a one, two or three-stage process?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I will come to that point within the boundaries of the Cathaoirleach's nervous system. The minutes state: "The approach from PIMCO implies that value can be obtained from the portfolio". An assumption was made. That is an interesting bullet point because I do not understand what they were getting at with the committee. Was there a bit of a sell to say, "Listen, lads, this makes sense"?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: I refer to this discussion, giving the talking shop its full standing. I should not be sarcastic with Mr. Rowntree and do not mean to be offensive. They are taking the trouble to inform the committee that it is happening. To me that reads that there was a bit of a sell to say------