Results 181-200 of 429 for nama 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 (Resumed) (18 Oct 2016)

Mary Lou McDonald: ...of my genius mind because, in fact, it had occurred to the board that there was a problem and it recognised the relationship or proximity, let us say, between Mr. Cushnahan and Tughans. Those are NAMA's minutes, are they not? In that case, what point was Mr. Soffe making to me? The minutes go on to state: "In light of Frank Cushnahan's involvement in the PIMCO bid, the Board discussed...

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)

Mary Lou McDonald: The witnesses argue that PIMCO tried to manoeuvre to get NAMA on side with something that should not have been going on. It tried to sidestep compliance and regulation. Is that not their contention? It is a very serious thing to suggest.

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)

Mary Lou McDonald: In other words, Ronnie Hanna and the other person, NAMA's senior divisional manager - legal - I do not know if the witnesses wish to tell us who it is or was - were essentially on a solo run. That is the witnesses' position on the issue.

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)

Mary Lou McDonald: ...by the board to declare the PIMCO bid finished. On the contrary, we have other material which contradicts and casts doubt on this. Mr. Soffe has stated the obligations that apply under the NAMA Act and I have no reason to doubt his sincerity or that of any of the witnesses in that regard. However, my reading of the material is that, at stages, the witnesses were either half asleep or...

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)

Mary Lou McDonald: I assume NAMA is in contact with various authorities now in respect of other investigations. Have Mr. Soffe and Mr. McEnery made this information known in respect of PIMCO? Did they make a complaint or share that information with any of the investigating authorities?

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)

Mary Lou McDonald: I will be concise and I thank the witnesses for their patience. The sequence of events was the NAMA board had met on 11 March and 13 March to hear the shocking news about PIMCO and fixer fees. Whatever the precise chain of events, PIMCO exited and then there was no meeting for about three weeks. Then the board came together again on 3 April. This meeting was for the purpose, on the...

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)

Mary Lou McDonald: ...it is clear from the minutes that the chief executive and the chairman knew about it before the 3rd. Did the board ask Mr. Daly or Mr. McDonagh when they discovered this? At what point did the NAMA chief executive and chairman know there was this fee sharing arrangement? I accept the board only discovered on the 3rd. If I were a member of the board and I was presented with the need for...

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)

Mary Lou McDonald: Let me help you, they did. They could not not have. Somebody had to know to inform the meeting. The board minutes state, "The NAMA Chief Executive advised that following a discussion with the Chairman [so that is the two] AR [that is asset recovery, Ronnie Hanna] had engaged with Cerberus to ascertain whether there were success fees payable and to whom". Then they discovered that there...

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)

Mary Lou McDonald: ...member of the NIAC until 7 November 2013. Can Mr. Soffe explain the reference to April 2013? We know that the initial letter from Brown Rudnick to Mr. Peter Robinson issued in June 2013 and that NAMA was informed in July 2013 about the interested parties. However, it is stated in the minutes that the board noted that PIMCO had advised that the negotiations had commenced in April 2013....

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)

Mary Lou McDonald: The board minutes reflect that NAMA was told that negotiations commenced in April 2013.

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)

Mary Lou McDonald: Follow my logic, NAMA is told at this juncture that the deal was signed off in the negotiations, presumably with Mr. Cushnahan and the other parties, in April 2013. This means the deal and the fee for Mr. Cushnahan - and equally for Brown Rudnick and Tughans - was agreed in April, which predates correspondence with Mr. Robinson, the Minister for Finance, Deputy Noonan, and NAMA.

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)

Mary Lou McDonald: For the purposes of clarity, PIMCO, on leaving the process of its own volition, as I interpret it, informed NAMA that this deal was struck in April 2013. That is my reading of the NAMA board minutes.

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)

Mary Lou McDonald: That is one hell of a typo. What it does not demonstrate is anybody asking or saying, "My God, April 2013. Was this a ready-up from the get-go? Who was at what at that stage?" How can NAMA clarify that point for us?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: ...University of Ulster project was called the Ulster University Jordanstown land development model. It was not a one-off escapade by the university but a detailed, elaborate process which involved NAMA and other banks, as Mr. Rowntree set out.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: NAMA is bound by the NAMA Act.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: ...associated with it is "a Northern matter." I take from Mr. Rowntree's evidence a very clear statement that control, decision-making and ultimately responsibility was vested in the board of NAMA, which was located not in Belfast but in Dublin.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: NAMA contends that if there were problems, and we know there were clearly governance failures and matters more serious that are not for this committee in respect of this transaction, that the problems resided exclusively on the part of the buyer and not on the part of the seller. I do not wish to put words in Mr. Rowntree's mouth but from his testimony today I think that he raised questions...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: Mr. Daly briefed on Project Eagle; therefore, the name had been selected at that stage. The minutes state the chairman had broadly outlined what a NAMA sale process would entail with value and in an open market and key considerations for the agency. The committee discussed the approach to be taken and views were expressed. Mr. Rowntree raised a number of issues such as the sale of a...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: The chairman advised the committee that an unsolicited approach had been made to NAMA by PIMCO to buy the debtor portfolio, not the assets.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Mary Lou McDonald: ..., Deputy Michael Noonan and Mr. Hamilton, had discussed the matter at a recent meeting. The minutes reflect the fact that the Minister for Finance's view was that it was a commercial matter for NAMA. They state: "The chairman broadly outlined what a NAMA sales process would entail". Did he tell Mr. Rowntree that it would be what he told us - a "bespoke" process?