Results 181-200 of 321 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) (25 Oct 2016)

David Cullinane: Mr. Stewart was asked a specific question by the Chairman, I think it was, why he or anybody else in NAMA did not pass this information on to NTMA compliance. His response was that it was because NAMA was made aware of it, the board had to discuss and, in any event, by the time it would have gotten around to it, PIMCO had withdrawn. That is a very weak legal response to a serious issue 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)

David Cullinane: Let us come back to record 3 of the information we received today. It is my last line of questioning. It states in record 3, "TR [Tom Rice] said the [Project Eagle] process had been with NAMA for several months referenced April/May 2013. This development went back to the origination of the deal with Pimco and the proposal for an acquisition fee". I am presuming that is the success fee....

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: Is Mr. Stewart saying that PIMCO would have been aware of this in 2013 and only made NAMA aware of it in 2014? Is that his recollection of it?

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: I understand the split charge, but what Mr. Stewart is saying is that he is absolutely certain that nobody in NAMA would have known of the success fee until late 2014.

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: ...Mary Lou McDonald, but I was not satisfied. On the same page, on record 3, it states, "[Tom Rice] TR said they 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." It continues, "[Ronnie Hanna] asked whether Pimco considered other options." Mr. Stewart then justified that by saying there was a previous...

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: No, it is NAMA's acquiescence-----

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: We have a situation where, when Mr. Daly, Mr. McDonagh and three board members were here, they were all singing from the same hymn sheet, which was that NAMA took the very strong robust position that PIMCO had to go. That was their position, and that PIMCO was left under no illusions. As far as NAMA was concerned, it had to go. That is not reflected in any of the minutes I have here....

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: It withdrew itself. That is very important, because that is not what NAMA was telling us. That is, at least, what Mr. Daly told us. We were led to believe that right through, because we had to seek clarification from the Comptroller and Auditor General several times as to whether PIMCO voluntarily withdrew. It is good that we now have someone from NAMA's legal division actually accepting...

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) (25 Oct 2016)

David Cullinane: Was NAMA legal ever made aware of it?

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: Therefore, NAMA legal was made aware of it.

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: Was NAMA legal ever asked for its opinion on the so-called letter of comfort from Cerberus? Was it asked whether there were legal or compliance issues?

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: Is this why the Comptroller and Auditor General says in his report that NAMA was more concerned with its legal responsibilities, not with forensically interrogating what was happening with the success fee?

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 letter of compliance was from Cerberus in which it confirmed it was not paying money to anybody associated with NAMA. My understanding of the Comptroller and Auditor General's criticism is that we do not know if Tughans and Brown Rudnick were making payments to others. Was that ever highlighted as a concern by NAMA legal?

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: Was this Cerberus or 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)

David Cullinane: To follow up on the matter, it would be valuable to write back to NAMA to say a number of presentations were given prior to the 2014 presentation that it cites that NAMA failed to mention in its letter. It is in the documentation. In 2012 and 2013, detailed presentations were given about the Ulster University's study.

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 should ask NAMA for a full list of whatever presentations were given, not just the 2014 one but any presentations that were given, either to the NIAC or the board of 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)

David Cullinane: I welcome our witnesses and a welcome back to Mr. McEnery. I believe he was here a few weeks ago also. I found the opening statement by Mr. Soffe to be quite defensive. The board of NAMA has a right to defend itself but I found the statement itself to be quite defensive and emotional in some ways. Emotional statements were made rather than statements of fact, but we will return to 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)

David Cullinane: ...would have to fill in a written declaration. The information was not shared with anybody else, or other members. He then said that he hoped the same process runs through "the spinal cord" of the NAMA board. If somebody declared a conflict of interest before the meeting was that then shared with other members of the board? Was it kept private?

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: ...the chair make reference to it or allude to it. It was just handed to the person who had responsibility for it, the information was not shared with anybody else. Mr. Soffe is saying that at the NAMA board meetings a different process was followed, where the chairperson would ask if there were any conflicts of interest, and if there were, someone would remove themselves. This seems to be...