Results 161-180 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: I am aware that even when NAMA is bundling assets it is, in the final analysis, dealing with loans. That is the issue here. On 10 October 2013, NAMA started its discussions with PIMCO. At this stage the board has been informed of the interest of PIMCO and so on. NAMA meets with it. The head and deputy head of asset recovery, who is Mr. Collison-----

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: -----meet with PIMCO to explore its offer. I refer to Appendix C, and page 133 in particular, which records that in the paper NAMA presented to the board, PIMCO's approach is based on debtors who were based in the North, although they fully acknowledge that these debtors typically tended to also acquire assets in Britain and other jurisdictions, and PIMCO intends to acquire all such related...

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: Mr. Collison might help me with this aspect. Getting back to the reverse inquiry, Mr. Collison said there was information that was on the public record, that they could look at NAMA's balance sheet and arrive at their own conclusions. This may just be a lay person's blind spot. I could understand that more readily if it were a matter of them making assessments as to the individual assets,...

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 the United States. It is based on asset location. I understand investors moving, and a rationale for all of that, but it strikes me as singular of Brown Rudnick, not to make an approach to NAMA which is fair enough, but to do so on the basis of the location of debtors.

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 disputing that but I am also thinking out loud. Somebody referred to that earlier, that it also would have been a neat vehicle for those debtors who wanted out from under NAMA. Would it not?

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 stop Mr. Soffe there. This is not the first occasion on which the defence of NAMA has been premised not on substantiated facts from NAMA but on what I regard as an outright assault on the Office of the Comptroller and Auditor General. I can give Mr. Soffe an example. In his statement, on page 7, he makes the following assertion: "The C&AG’s view on the management of...

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: ...more. One thing marks out the Comptroller and Auditor General and the report in that every assertion made, regardless of whether the witnesses accept it or not, is fully substantiated and, unlike NAMA, is actually backed up by what was an extensive trawl, consideration and examination of the material available to the office from 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: ...I am trying to get to is Mr. Soffe's acceptance of the facts as reflected by the Comptroller and Auditor General that a number of bidders and potential bidders were less than happy with the process NAMA ran. Can Mr. Soffe accept that?

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: ...raised this issue with the witnesses earlier. They have suggested that having discovered these unethical and inappropriate success or finder fees, PIMCO attempted to get the acquiescence of NAMA in that. That is the witnesses' position.

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 minutes reflect that according to the witnesses' narrative, PIMCO sought the acquiescence of NAMA. Is that still the witnesses' position?

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 very reason PIMCO approached NAMA and not vice versawas because it had unearthed this fact and in terms of not just what is ethical but what is legal and in compliance with the regulatory framework it is bound to, this caused a massive problem for it. PIMCO approached NAMA, not vice versa. We can agree on that.

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 come to that in a moment. We have established that the legal and compliance unit approached NAMA. The witnesses' contention is that having approached in that way, the legal and compliance division of PIMCO then sought to sidestep its regulatory and legal duties in an effort to stay within the process with NAMA's acquiescence. That is what the witnesses have told us today.

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: Why did it approach NAMA then?

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 not what is reflected in the notes from the conference calls and, quite frankly, that really does not tally with common sense given that PIMCO made the approach to NAMA. I suppose PIMCO was the whistleblower in this scenario. The contemporaneous notes of the phone calls and exchanges relating to the legal and compliance unit in PIMCO and NAMA reflect its concern, its insistence that...

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: ...could not see how any change would allow the organisation to continue with the transaction. This suggests the move to try to change things or side step things did not emanate from PIMCO but from 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: ...Hanna inquired about other options. PIMCO asked what he meant by it, and Mr. Hanna asked if the deal could be shaped differently for the arrangement fee to come out. This is fairly explicit that NAMA was seeking to reorder or reshape things to keep PIMCO in it. It does not support the board members’ assertion.

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 notes I have quoted from are summaries of the communications, mainly conference calls, between PIMCO and NAMA in March 2014 regarding PIMCO's withdrawal from the Project Eagle loan sales process and are based on meetings with NAMA officials and the examination team reviewing a minute of a conference call prepared by NAMA's senior divisional manager, legal and reviewed by NAMA's head of...

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 can only surmise that Mr. Ronnie Hanna, head of asset recovery, and NAMA's senior divisional manager, legal, were on a solo run in this regard. Is that the suggestion?

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: Mr. Hanna has been invited to the committee. We need to hear from NAMA's senior divisional manager, legal, about the matter. Could we make a note on it?

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: -----not least in this jurisdiction, where one is soon to be established, as well as in the Northern jurisdiction and America. That was not a good day's work by NAMA, was it?