Results 21-40 of 321 for nama speaker:David Cullinane

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: I appreciate NAMA's remit, its role and that it has a job to do. However, there was an intervention by the State. Ministers were very clear that NAMA needed to play a part in addressing the overall housing crisis and looking at where the market was at and playing a role in that. There are choices. It was not all about getting a profit or what might be the best price. Part of it then had...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: Some commentary held that for that loan sale NAMA waived a requirement that the purchaser must not be connected to a relevant debtor.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: I will try to be as quick as I can. We all want to get out. I want to make one observation on NAMA's overall performance and I will put it to Mr. Daly first. I have some sympathy for his position in respect of decisions his organisation would have to make because it is somewhat subjective. People will have opinions as to whether good or bad decisions were made. NAMA has to make, as Mr....

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: .... McDonagh can come in then. One lesson I learned from it in terms of my analysis of how loan sales work and how the management of assets work is that one argument that was made consistently by NAMA is that it must work in what it calls the real world where there are market solutions and market ways of doing things. In fact, there was criticism of some other organisations which perhaps...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: I understand all that but in fairness, the question I asked was in respect of the internal return rate and whether that should have been a practice used by NAMA. We have to be able to make judgments. We, as a committee have to be able to say with some form of reliability, metric and benchmark that something was a good outcome and was a good decision. We can look at the macro objective to...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report (20 Sep 2018)

David Cullinane: ...articulation from both Mr. McDonagh and Mr. Daly on the housing situation. Again what I would be looking at is their articulation of it and then the practice, when one considers the 13,000 units NAMA delivered and whether, in the overall scheme of things, it was helpful in solving the housing crisis or addressing some of the issues. They addressed social housing supply, affordable...

Public Accounts Committee: Business of Committee (21 Jun 2018)

David Cullinane: It is not in regard to NAMA.

Public Accounts Committee: Business of Committee (14 Dec 2017)

David Cullinane: ...Ms O'Connor does not directly address that issue and I suggest we write to her for clarification. Is that agreed? Agreed. Correspondence item No. 970C from Mr. Padraig Corkery, communications and public affairs manager, NAMA, dated 5 December 2017, regards further information requested by the committee in relation to a hotel in Kinsale, County Cork. I propose to send this reply to the...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: That is the point I was making. I will turn to the NAMA side of it. Am I correct in my understanding of the Comptroller and Auditor General's report - perhaps Mr. Harkness can help me with this - that the gross cost of capitalising the banks was €66.8 billion? Is that separate from the €31.8 billion that was then given to the banks to basically take the bad loans?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: There is a problem where I do not have the information I need. NAMA paid €31.8 billion to banks to purchase property-related loans. What I am seeking is a breakdown of the €31.8 billion went to which banks. How much went to which banks? It is a reasonable question to ask in the context of this report. Unfortunately, the information is not to hand. I need that for my...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: ...Auditor General that gives headline figures. Our job is to probe those figures and conduct a deep dive in terms of where the money went. There is a headline figure of €31.8 billion paid from NAMA to banks, essentially, to take bad loans off the banks' books. I am looking for a breakdown, in the first instance, of how much went to what banks, and the information is not to hand. I...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: ...Officer is responsible for that money. Some €29 billion was put into Anglo Irish Bank. I was looking for a breakdown of the €66.8 billion and exactly where that money went. Similar to the NAMA money, what banks specifically got what money? Is that available now? What exactly was that money spent on?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: The biggest amount went to Anglo Irish Bank. I come then to the breakdown I asked for earlier, which relates to NAMA loans that were acquired and the €31.8 billion. We can see that Anglo Irish Bank got-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: Roughly 50%. Half of the €66 billion went into Anglo Irish Bank. Then NAMA was set up and was given €31.8 billion to take the bad loans off the banks. The banks then crystalised losses. The losses are €42.6 billion. In the case of Anglo Irish Bank, it was €21 billion, a majority, and we can maybe question the wisdom of that. What happened when the banks...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

David Cullinane: ...witnesses a happy Christmas, and I hope Mr. Carville, who said that he has a chest infection, recovers. I thank him for coming here today despite that. From the figure at 2.1 which breaks down NAMA's loans we can see the total borrower debt, the NAMA payment for loans, which is the amount that NAMA got. The discount, or loss, is given as a percentage. Can we get a breakdown of each...

Public Accounts Committee: Tipperary Education and Training Board and Kildare and Wicklow Education and Training Board: Financial Statements (16 Nov 2017)

David Cullinane: ...where there were parallel examinations and investigations. In fact, in a number of instances there were criminal investigations. To take the example of the National Asset Management Agency, NAMA, there were three criminal investigations taking place, yet we still did our work on a loan sale known as Project Eagle and produced a report. The Chairman gave the example of the HSE hearings...

Public Accounts Committee: HIQA: Governance and Management of Conflict of Interest Issues (19 Oct 2017)

David Cullinane: Mr. McEnery is a very busy person because he wears multiple hats. He was here in the past as an executive member, a board member, of NAMA.

National Shared Services Office Bill 2016: Report and Final Stages (13 Jul 2017)

David Cullinane: ...of the amendment is to ensure there is no ambiguity at all in respect of the national shared services office, and that they be subject to the Freedom of Information Act. Those of us who had to deal with NAMA and other bodies over a long period, trying to get information from them under freedom of information, FOI, requests, will know that we must be absolutely certain that there is not...

Public Accounts Committee: Business of Committee (13 Jul 2017)

David Cullinane: ...a very defensive, in that I hope this will not be an excuse that there was unfair process. We need to make it very clear that the process was fair. It was the same process that we followed with the NAMA report, the Project Eagle report and subsequent reports. I make this point in case it is put forward as a defence that there was an unfair process and that they were not given an...

Order of Business (4 Apr 2017)

David Cullinane: I have asked the Taoiseach on three occasions to confirm that there will be a commission of investigation into NAMA. On two of those occasions, he stated that he would await the publication of the report of the Committee of Public Accounts. It has been published. On the last occasion, he stated that he would wait until statements were heard in the Dáil. Statements were heard in the...