Results 1-20 of 120 for nama speaker:David Cullinane

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: Paragraph 4.5 states that NAMA also requested certain assurances from Cerberus "that no fee, commission or other remuneration or payment was payable to any current or former Board member of NAMA, any current or former member of the Executive of NAMA, or any current or former member of an advisory committee of NAMA". Was that the first time Mr. Neporent was contacted by NAMA about any...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

David Cullinane: NAMA also talked about difficulties with debtors and pressures that justified its change in sales strategy. I do not know whether a briefing note is on the system here but I referred to it this morning. The briefing note is dated 6 November 2013 and the reference No. is 2292015. It was sent by Mr. Martin Whelan of NAMA to Mr. Declan Reid and the NAMA communications team. The note was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (25 Oct 2016)

David Cullinane: The point is that there was an exchange. Mr. Stewart was a conduit for the board and he was one of those who were party to the conference calls between NAMA and PIMCO. The board was concerned about the success fees and PIMCO had come to NAMA to make it aware of it. When NAMA was made aware of it, the Minister was then contacted by the chair of NAMA. Mr. Stewart is a legal person working...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I am putting myself in the shoes of the NAMA board. I am a NAMA board member. I am made aware of a success fee arrangement that involves a member of the Northern Ireland advisory committee. I do not know when that relationship started. I would try to get that information. Mr. Stewart says NAMA tried to get the information and did not get it. At no point was that ever established, which...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Let us follow Mr. Daly's logic for a second. PIMCO did not disclose this information to NAMA. Had they disclosed this information to NAMA, this happened in April 2013. Mr. Cushnahan was still a member of NIAC and he had an association with debtors. Mr. Daly mentioned earlier that it is unbelievable to suggest that NAMA would not have acted. What would NAMA have had to do?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Appendix E continues as follows:PIMCO informed NAMA that its external legal advisors, Brown Rudnick, had initially proposed the Project Eagle deal to PIMCO and that a success fee arrangement was in place between PIMCO and Brown Rudnick. Following enquiries, PIMCO had learnt that the fee was to be split three ways between Brown Rudnick, Tughans and Mr Frank Cushnahan, a former NIAC member....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: ...wrong because finding No. 54 states that during NIAC meetings and annual statements of interest, one external NIAC member, Mr. Frank Cushnahan, declared his involvement as an advisor to six NAMA debtors. It goes on to state that the NAMA board should have formally considered whether Mr. Cushnahan's engagement in discussions of the strategy, including the approach of Brown Rudnick and...

Public Accounts Committee: Business of Committee (10 Nov 2016)

David Cullinane: That is a good idea. I know we have the NAMA CEO and chairperson coming before us again. However, the response that we have received back from PIMCO contradicts some of what the NAMA board members said when they were here, most specifically, the NAMA legal team and the people who were involved on NAMA's side in those conference calls. There is currently no plan to have them before the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: This is an important line of questioning. The report goes on to state:Following a special meeting of the NAMA board of 11 March 2014, a call was convened with PIMCO. During a call later that evening (11 March 2014) PIMCO expressed its disappointment that disclosures of interest had not been made to NAMA. PIMCO stated that it did not want to remain in a process that could be associated with...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Yes. That was relayed to NAMA legal via conference call on 10 March 2014. We have established that as well. PIMCO sought NAMA's acquiescence to this, which NAMA had not acceded to. The acquiescence was another reference to the success fee. Is that right?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: Let us take the findings individually then. One of them is that "The NAMA Board should have formally considered whether Mr Cushnahan's engagement in discussion of the strategy - including the PIMCO/Brown Rudnick approach - was consistent with his ongoing involvement as financial advisor to a significant proportion of NAMA's Northern Ireland debtor connections." Did NAMA question or query...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

David Cullinane: We have asked for specific information so we will get to that. I want to come back to the engagement between PIMCO and NAMA. Mr. McEnery said NAMA would not accept the payments that would have involved Mr. Cushnahan and that it would not accept PIMCO staying in the process once NAMA was made aware of the success fees. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: ...the question of whether process was followed appropriately. A big part of the Comptroller and Auditor General's report relates to the failings he has detected in this regard. The witnesses from NAMA might not agree with these findings. We had a lengthy discussion about the minutes of the board meeting of 11 March, at which the conference call of the previous day was discussed. Mr....

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: ...articulation from both Mr. McDonagh and Mr. Daly on the housing situation. Again what I would be looking at is their articulation of it and then the practice, when one considers the 13,000 units NAMA delivered and whether, in the overall scheme of things, it was helpful in solving the housing crisis or addressing some of the issues. They addressed social housing supply, affordable...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (10 Nov 2016)

David Cullinane: ...up from a number of organisations, this is most important piece of correspondence we have received. It is illuminating and joins up many dots. It clearly contradicts evidence we were given from NAMA. That is very worrying, as it casts doubt on much of what was said to us in the evidence presented by NAMA in respect of what happened when it was made aware of the success or fixer fees....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: This is the point. If I was a board member and I was in the position of the NAMA chairman I would want to know the date explicitly in order to be absolutely clear that when the association first arose, the person was not a member of the NAMA Northern Ireland advisory committee. Mr. Daly is telling me that he did not get that. NAMA asked the question but did not get the response.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: ...minutes holds any water is in Appendix E, which we will go through line by line. Before we do so, Appendix E, as I read it, is a summary of communications and conference calls between PIMCO and NAMA. This information was given to the Comptroller and Auditor General and it is his synopsis of what happened. We will go through it line by line and then put Mr. Daly's hypothesis to the test,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: We are not talking about hindsight. Mr. Daly has already established and he accepts that NAMA was made aware of the success fees with PIMCO. He knew that those success fees were broken into three parts - for Brown Rudnick, for Tughans and for Mr. Cushnahan. He was also aware that there was a relationship between Mr. Cushnahan and Tughans whereby the former shared office space with the...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

David Cullinane: .... It has made its determination and that is why it is important to see were the Department and the Minister accepting the determination of the report. We have dealt with that. On the power of NAMA, the Minister said it is not his role to direct NAMA or influence it. He said NAMA is fully independent.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

David Cullinane: The Comptroller and Auditor General stated earlier that he had some interesting discussions on semantics with the members of NAMA on the meaning of certain words in the context of the sales process, the sales strategy and the work-out value, the sales value, etc. As part of the preparation for this report, the Comptroller and Auditor General would have had a lot of communication with NAMA on...