Results 141-160 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) (25 Oct 2016)

Mary Lou McDonald: Of course, but Mr. Stewart's boss told us that it was about the Foreign Corrupt Practices Act that it had contacted NAMA.

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)

Mary Lou McDonald: At no stage in the records - this is reflected in Appendix E of the Comptroller and Auditor General's report - does NAMA state to PIMCO the position is untenable and that one must exit from the proces.

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)

Mary Lou McDonald: In respect of the telephone call on 11 March, with Mr. Stewart and Mr. Ronnie Hanna from the NAMA side, from the notes I note that Mr. Hanna asked the question of "when PIMCO had become aware of the issue," the issue being the success fees or the fixer's fees. Mr. Tom Rice, European legal counsel for PIMCO, responded by saying, "the [Project Eagle] process had been with NAMA for several...

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)

Mary Lou McDonald: ...from the meeting of 13 March state: "The Board noted that PIMCO had advised that the negotiations had commenced in April 2013". In our previous session, which was attended by some members of the NAMA board, Mr. Oliver Ellingham agreed with me when I put the following to him: "PIMCO, on leaving the process of its own volition, as I interpret it, informed NAMA that this deal was struck in...

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)

Mary Lou McDonald: Did it? According to Mr. Rice, European legal counsel for PIMCO, the process had been with NAMA for several months and he referenced April or May 2013. The board minutes state: "PIMCO had advised that the negotiations had commenced in April 2013". This pre-dates correspondence from the Northern Minister and all of that sequence of events.

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)

Mary Lou McDonald: Yes, perhaps PIMCO might assist. When members of the NAMA board were before the committee they were insistent that PIMCO was seeking to stay inside this transaction. They were emphatic on repeated occasions at our meeting that PIMCO wished at all costs to sidestep whatever regulatory irregularities it may have come across and remain within the process. Is that Mr. Stewart's recollection?

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)

Mary Lou McDonald: ...that. Let us go back to Mr. Stewart's notes on the 11 March telephone call. Mr. Rice for PIMCO states that PIMCO did not want to continue in a process with any degree of impropriety for PIMCO or NAMA and that PIMCO was willing to withdraw completely. That is a straightforward statement of intent in that PIMCO understood the seriousness of the issue and its legal obligations and it 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)

Mary Lou McDonald: ...ostensible commitments to transparency on the part of PIMCO. To me, that is very loaded language in a minute of a board meeting. According to my reading, it demonstrates hostility on the part of NAMA towards PIMCO having bothered coming forward. There is a very firmly stated position by the board, the people who are in charge, the CEO and the chairman, that PIMCO was actually prepared to...

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)

Mary Lou McDonald: No. Mr. Stewart has to be able to account for his notes. He refers in his notes to Mr. Tom Rice, European legal counsel for PIMCO, citing that the process had been with NAMA, referencing April and May 2013. His notes do not record any challenge to or refutation of those dates. The April date is echoed in the board minutes. As of yet, bar some makey-uppy thing about it being a typo, we...

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)

Mary Lou McDonald: I am not for a minute challenging that. I am taking that as read until somebody demonstrates otherwise. I am simply saying that notes from NAMA now record these dates, and an account cannot be given of them. I refer not only to Mr. Stewart in this regard.

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)

Mary Lou McDonald: Who, if anybody, within NAMA could help us with that?

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)

Mary Lou McDonald: ...to a question from the board, it was noted that - notwithstanding the premeditated fee-sharing arrangement that had been put in place by PIMCO - the catalyst for disclosure of the arrangement to NAMA was allegedly the insistence of PIMCO's legal and compliance department. I assume from the minute that it was Mr. Hanna presenting the information and Mr. Hanna fielding questions from the...

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)

Mary Lou McDonald: Could we have a note on that? It is ironic, particularly as NAMA subsequently has gone to considerable lengths to suggest that PIMCO was kicked out of the process. I would appreciate that note.

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)

Mary Lou McDonald: ...benign assessment. In the context of record No. 4, Mr. Rice stated that they had not notified the decision to their advisers. PIMCO, at this stage, has called it and is withdrawing. It informs NAMA that it had not notified the decision to its advisers that brought the deal and was still working that through. It was sensible to have a joint view, it said, and asked how to approach the...

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)

Mary Lou McDonald: That boils down very much to a decision being taken by NAMA's most senior legal person. Is Ms O'Reilly the most senior legal that NAMA has?

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)

Mary Lou McDonald: -----following: "There were no reporting obligations for NAMA-----"

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)

Mary Lou McDonald: I do not think people would anticipate NAMA bringing down the Government but how and ever.

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)

Mary Lou McDonald: NAMA relies on Lazard. NAMA has cited its advisers repeatedly as guarantors as to the competitive tension within the process, having achieved best value in respect of the taxpayer and so on. This is very much the outfit that afforded NAMA the catch-all comfort blanket that all was well. Yet, it turns out, and we knew this already, that it was not informed of this carry on around fixer fees...

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)

Mary Lou McDonald: .... Collison? I mean this genuinely as just a perspective. Given how things developed thereafter, given the fact that at the end of all of this, after all the comings and going have been concluded, NAMA is left, yes, with the sale but, again, with history repeating itself, and let us put it politely, a very deep controversy around success fees and fixers' fees and where they were going, do...

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)

Mary Lou McDonald: ...is on a different issue because there was a good deal of discussion on the discount rate, departure from the 5.5% rate and the different perspectives on that. However, another element that NAMA departed from was a position of working out the assets and a decision to bundle, but NAMA did not bundle the assets; it bundled debtors.