Results 541-560 of 7,777 for speaker:Joe Costello

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: They were dealing with Tughans at the time.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: He further states "Two of our clients have each confirmed they would independently be committed to a process" and he opts very quickly for one of those clients. The rest of the presentation is really about getting an exclusive deal for one of the clients. I presume this is PIMCO. He has two clients but he is not really representing one client. He is seeking to get a preferred status for...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: He also goes on to say: "We believe that one in particular is highly committed and will be well known to NAMA as a highly competent and financially credible asset manager." NAMA already knew about PIMCO and knew who they were. I want to know in what capacity.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Did NAMA suspect anything at that point in time, perhaps when he went on say that "the integrity of the transaction is our main concern"? That is an interesting comment to make by someone who is trying to sell to one particular partner. He says there are two but then he concentrates on one and then he talks about the integrity of the transaction as being "our main concern." He continues:...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: This man, who represents two clients, is giving the two fingers to a second client and saying, we want an exclusive deal with our preferred client and this is it.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: He wants do a sweetheart deal.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: That is really what his letter is about.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: I recognise that fact. The Minister for Finance, in his reply, said the way NAMA operates is very much to its credit. He said: "I am advised by NAMA that granting exclusive access to one potential purchaser is not an approach they favour as it militates against achieving optimal value for the assets concerned." Clearly, it seems that this is the man or company who generated the entire...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: They came into it when NAMA announced the process.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Can NAMA give us a breakdown of who they were? Were they all American?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: They are all major global players.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Six pulled out without making it formal.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Is it not strange that it was at that point in time that PIMCO decided, pretty much at the 11th hour - this was 10 March and the deal was done eventually on 1 April - to tell NAMA that there was an irregularity in regard to the association with Mr. Cushnahan?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Why should it come from a standard audit?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: Because of the conflict.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: It was not because of the fund.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: It was not because of the money.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: It had nothing got to do with that.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: It would have been fine. Immediately-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Joe Costello: They knew the role that Mr. Cushnahan had.