Results 41-60 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) (24 Nov 2016)

Mary Lou McDonald: ...on the question of whether PIMCO went or was pushed in respect of its exit. There was a time when Mr. Daly was absolutely resolute, to the point of almost being obnoxious, in his assertion that NAMA kicked PIMCO out. PIMCO contested that strongly. I notice that Mr. Daly has modified that language. It now appears to have been a gracious mutually beneficial exit. I think we need to...

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)

Mary Lou McDonald: Then, what does not sharing information of that nature with NAMA amount to? What words would Mr. Daly use?

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)

Mary Lou McDonald: That is correct. PIMCO did not give NAMA that information. If that was not misleading NAMA, what is the correct word to use?

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)

Mary Lou McDonald: It was a sin of omission. Let us be clear about it. We had to go through this whole thing with some of NAMA's board members also, when they made the accusation against PIMCO that it sought the acquiescence of NAMA to stay in the process. From my reading of the documentation of the minutes and notes of phone calls, it is clear to me PIMCO placed a premium on staying within the rules and...

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)

Mary Lou McDonald: It disputes that with Mr. Daly. Mr. Daly is now moving on and saying PIMCO had information of material interest and very great significance in respect of a person who was a member of the NAMA Northern Ireland advisory committee and it chose, for whatever reason, not to share the information with NAMA. This is a very serious allegation for Mr. Daly to make in respect of PIMCO.

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)

Mary Lou McDonald: ...not to say I accept Mr. Daly's version of events. I am deeply sceptical and I will explain why. Riddle me this, Mr. Daly. Why would PIMCO not share the information it had on Mr. Cushnahan with NAMA? Why not?

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)

Mary Lou McDonald: What jeopardy would it have demonstrated for PIMCO? It was in trouble anyhow and it knew this. That is why it contacted NAMA, to say it had a problem. Its legal people absolutely acknowledged the magnitude of the problem. Particularly in the United States and Britain, people do not break anti-corruption standards and laws-----

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)

Mary Lou McDonald: -----and PIMCO knows this. Explain to me why it is that PIMCO would have an interest in keeping the information from NAMA.

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)

Mary Lou McDonald: Hang on a minute, Mr. Daly is making a very serious charge against PIMCO. He is saying PIMCO knowingly and deliberately kept very serious information material to this case from him and from NAMA despite the fact it had made contact to make the disclosure of a conflict of interest and the problems associated with it.

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)

Mary Lou McDonald: -----more in line with how I hear it, because I hear Mr. Daly saying PIMCO was incomplete with important information, which it did not give to NAMA, and then it wrote to us and its presentation of the facts was inaccurate. I am simply saying these are very serious charges for Mr. Daly to make and it begs a response from PIMCO.

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)

Mary Lou McDonald: ..., they were in the middle of this. What did Ms O'Reilly ask, or what did she seek to know, from Mr. Rice in respect of all of this? He told her he would have expected that Frank Cushnahan told NAMA what was going on. I am assuming Ms O'Reilly agreed with this. What queries did she make of Mr. Rice in terms of establishing information for herself? I ask Ms O'Reilly to remind the...

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)

Mary Lou McDonald: .... Anyway, the reference Ms O'Reilly refers to is record 3, where Ronnie Hanna asks when PIMCO became aware of the issue to which Mr. Rice replies that the Project Eagle process had been with NAMA for several months and he references April-May 2013. It is not very elegantly recorded but that is the date, the reference point, and we have had a long discussion on that. I want to move on...

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)

Mary Lou McDonald: .... As far as they are concerned, they did not attempt to hang in there, stating: "PIMCO has been disappointed that PIMCO's withdrawal from Project Eagle has been repeatedly mischaracterised by NAMA". That is what they believe.

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)

Mary Lou McDonald: We have correspondence from Mr. Hanna. When did he resign from NAMA?

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)

Mary Lou McDonald: When he wrote to us, he said he could not appear before the committee and that he "remains under a statutory duty of confidentiality arising from my former employment with NAMA. I have not received any communication from that organisation that I am at liberty to divulge details of any activities in which I was engaged while in their employ". Is that the case?

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)

Mary Lou McDonald: Were he seek to it, would NAMA be minded to facilitate him in that regard?

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)

Mary Lou McDonald: What is a matter between NAMA and him is the duty of confidentiality. Perhaps we could pursue that with NAMA with a view to having to some level of input, even if it is in written format, from Mr. Hanna. I have two other questions.

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)

Mary Lou McDonald: Okay. For the purposes of clarity, who organised that meeting with NAMA, involving Mr. Ronnie Hanna, Mr. Daly and Mr. McDonagh?

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)

Mary Lou McDonald: Here is the question for NAMA. Given that part of its conditions as agreed with Lazard, and we have heard from Mr. Long, was the prohibition of such contact between bidder and debtor and given that Cerberus got access to that type of information, and let us accept that NAMA was not the source of it, did that not really compromise matters and confer an advantage on Cerberus over the last...

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)

Mary Lou McDonald: Accepting what the witness is saying, it is also true to say that it was coming from a person who was on the northern committee of NAMA and who had an association with NAMA. Is that not the problem?