Results 10,401-10,420 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 (29 Sep 2016)

Mary Lou McDonald: I thank Mr. Daly.

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 am coming to it. We have established that the strategy in dealing with the Northern assets takes a shift in response to this approach from Brown Rudnick and this forms the view.

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: Mr. Daly can tell me what his strong views are; if he does not mind, I want to work my way through this sequentially. That was the first move in a bespoke arrangement. Second, we know that PIMCO initially required exclusivity in its dealing with NAMA but that NAMA knocked this back.

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 reflected. Given the nature of the sales process NAMA had adopted, it did not allow for exclusivity, but it certainly narrowed the field and went some way at least towards meeting that demand. Let me explain why I am putting this to Mr. Daly. NAMA stepped outside its own established procedure in a two-stage sales process which was established for dealing with assets worth...

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: Mr. Daly should continue being brief.

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 not convincing. Does Mr. Daly accept that NAMA modified or changed its established procedure for Project Eagle; that it had a single-stage sales process.

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.

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: In terms of there being a bespoke arrangement, whatever about being flexible, the very idea that when an opportunity presents itslef, one should throw the rulebook out the window is not a good way to operate and is not one that would inspire confidence on any level, including in its delivery of best value for the taxpayer.

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 why NAMA has procedures and processes in the first place.

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, one that acts in the interests, as NAMA is mandated to do, of taxpayers first.

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: Therefore, when NAMA is audited and the team concerned makes the very fair observation, as conceded by Mr. Daly, that NAMA had a bespoke arrangement - he can call it irregular, flexible or what he will - why decry those who carried out the audit and simply established, as a matter of fact, that NAMA had radically changed its sales strategy and that the sales process was different? If not...

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.