Results 15,681-15,700 of 26,402 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That is the point I was making. I will turn to the NAMA side of it. Am I correct in my understanding of the Comptroller and Auditor General's report - perhaps Mr. Harkness can help me with this - that the gross cost of capitalising the banks was €66.8 billion? Is that separate from the €31.8 billion that was then given to the banks to basically take the bad loans?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: So it was a separate payment.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I understand that. I am merely making the point that it is separate from the overall figure.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Do we have a breakdown of where that €31.8 billion went, particularly in the context of which banks got what? Is that in the Comptroller and Auditor General's report?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can Mr. Harkness give me those figures? Can he provide a breakdown?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can Mr. Carville give it to me now because I need it for my question?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: There is a problem where I do not have the information I need. NAMA paid €31.8 billion to banks to purchase property-related loans. What I am seeking is a breakdown of the €31.8 billion went to which banks. How much went to which banks? It is a reasonable question to ask in the context of this report. Unfortunately, the information is not to hand. I need that for my...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Can the witnesses tell me what would have been the range of the value of the properties? I refer to those at the top end, namely, the top ten loans that would have been taken over. Would the Department have that breakdown? In the context of the €31.8 billion, the State essentially took the bad loans and paid that amount but the borrowers owed over €74.4 billion. The...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am trying to tease out where exactly that money was spent. This goes back to what I was saying earlier. As members of the Committee of Public Accounts, we are working from a report of the Comptroller and Auditor General that gives headline figures. Our job is to probe those figures and conduct a deep dive in terms of where the money went. There is a headline figure of €31.8...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am sorry, Mr. Carville, I have not finished my point. Surely, Mr. Carville would have understood that our job today is to probe those figures. We do not just accept the headline figures provided to us as being fine. Our job is to ask questions about such figures. I would expect some level of detail to underpin those figures and I am not hearing it.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: But my time will be up.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That detail is in that chapter.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The €31.8 billion, yes. Mr. Hynds is missing my point entirely. What I am saying is that the headline figures are in the report. Our job is to probe beyond the headline figures. In the context of the witnesses saying that they will come back to us at some point, when they do so and provide the information - this is what I said to previous holders of the position of Accounting...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I might come back in the second round if we can get the information.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I will give way to the other members.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I will continue on this theme because I am flabbergasted by Mr. Carville's response. I will try to elaborate on my thoughts so that Mr. Carville can help me understand his reasoning. Mr. Carville said that the reason to invest the €66 billion in the banks to recapitalise them was to save the entirety of the banking system. That would have been the reasoning given at the time the...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: I am not separating them, I accept that was Mr. Carville's response. I will isolate Anglo Irish Bank from the other banks. We invested €29 billion - invested is the wrong word - but €29 billion was put into Anglo Irish Bank. Who exactly was saved on the back of that €29 billion spend by the taxpayer?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Who were they?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Corporates? I doubt there were many Joe Soaps and that is not an adequate response. It is a bit flippant.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Do we have a breakdown of what that €29 billion was spent on in Anglo Irish Bank?