Results 11,401-11,420 of 21,157 for speaker:Mary Lou McDonald

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Can Mr. Daly go and check?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Sorry, Mr. Daly, can I suggest that the answer to that question perhaps lies in the fact that he pops up as an adviser to PIMCO, having left the board, and that he was in line for a very substantial fee. Does that help to answer that question for Mr. Daly as to whether or not there might have been some conflict of interest?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: It is beyond laughable-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: -----that Mr. Daly is still in a position of denial.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Mr. Daly is responsible for the northern committee of NAMA.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Okay.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Right.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Let us move on to that matter, Mr. Daly. I have to say for the record that I do not accept his account or his "I know nothing" approach in respect of Mr. Cushnahan and Tughans and the clear conflict of interest that represents. I think Mr. Daly failed, he failed NAMA and he failed the northern committee of NAMA in allowing that to go on because he was in charge.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: That is fine. I did not imagine that Mr. Daly would. The second contention in Mr. Daly's presentation today is that the loan sales process was well-managed and competitive. That is what Mr. Daly said in July and he has reiterated it here today. Let us just explore the matter. I will keep an eye on the clock, Cathaoirleach. The well managed competitive process involved the first...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Cerberus and Fortress.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: The reserve price for Project Eagle, for the portfolio, was what? It was set in April, was it not?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Please tell the committee what it was, Mr. McDonagh.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: It was £1.3 billion sterling. What did Fortress come in at?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: A sum of £1.1 billion. And Cerberus?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Yes. So it came in on the money.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: The others came in slightly under. So how can Mr. Daly suggest that there was anything competitive going on when one of the bidders, it seems Fortress, came in with a price that clearly was not going to be accepted as it was under the reserve price. Tell me about that, Mr. Daly.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I thank the Chairman.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: So they knew what the reserve price was.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I am not questioning Mr. Daly. That is fine.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I am not questioning that so Mr. Daly can move on. It is fine.