Results 61-80 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) (24 Nov 2016)

David Cullinane: I have to clarify this. On 10 March 2014 when NAMA was first made aware by PIMCO of the success fees, Mr. Daly was told about Frank Cushnahan's involvement.

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)

David Cullinane: ...fee on 10 March 2013 at that first board meeting. They expressed shock on finding out that there was an arrangement between Mr. Cushnahan, Tughans and Brown Rudnick. I find it extraordinary that NAMA would not have asked PIMCO of the when, who and how of that because when we asked that they volunteered the information. They gave us exactly the dates, the genesis of all of this. They...

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)

David Cullinane: ...That would have been very relevant. PIMCO is saying that he interacted with it when he was still a board member. One would try to establish those facts. The question I am asking Mr. Daly is did NAMA ask PIMCO when was its first association with Mr. Cushnahan?. Did NAMA ask that question?

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)

David Cullinane: We have limited time. I accept the point Ms O'Reilly makes. I asked Mr. Daly whether the question was asked, and he said "no". Now Ms O'Reilly is referring to records in which NAMA says the question was asked.

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)

David Cullinane: ...to a reference to April 2013 in the board minutes of 13 March. We spoke about the PIMCO letter. What Mr. Daly is really saying, then, is that the question was asked but PIMCO did not give NAMA the information, which is very serious, given that a criminal investigation is ongoing. I think PIMCO would be very interested in Mr. Daly's comments. I think they are very explosive in 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)

David Cullinane: ...with other bidders in relation to PIMCO's withdrawal. Mr. Daly's opening statement reads: "I accept that it would have been better if Lazard had been aware of the real reason for PIMCO's exit". NAMA did not make Lazard aware of it. I find that absolutely extraordinary. I asked Mr. Daly earlier whether Lazard had a responsibility or a role in relation to integrity in the process. He...

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)

David Cullinane: ...them again: "Following further discussion the Board noted that, subject to Lazard's advice", etc. For Lazard to give the advice, it would have to be in possession of the information. However, NAMA did not give Lazard the information.

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)

David Cullinane: It would have had a role to play in relation to the integrity of the process. If Mr. Daly is saying that he would not have involved Lazard, why, then, in NAMA's minutes does it say: "Following further discussion the Board noted that, subject to Lazard's advice, it was minded to be as upfront as was possible with other bidders in relation to PIMCO's withdrawal"?

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)

David Cullinane: With respect, I am going to cut to the chase. There was talk of Lazard being in the position to give advice on how NAMA could relay information to other bidders. The fact is that Lazard was not given that information. The final point I will make is that Lazard went on to say that it had complete information and accepted that the process had become compromised. That comes from Lazard.

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)

David Cullinane: ...General's report under the heading "NIAC views in relation to Project Eagle". It refers to Northern Ireland advisory committee, NIAC, minutes. Mr. Daly was at that meeting as he was the chair of NAMA. It says that he informed the NIAC of PIMCO's unsolicited approach. Can Mr. Daly see that in the report?

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)

David Cullinane: It is easy because NAMA is mischaracterising the scene.

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)

David Cullinane: The NAMA witnesses are disagreeing and mischaracterising 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)

David Cullinane: Yes. At that time, and we are talking about 13 March 2014, NAMA also knew that Mr. Cushnahan was in line for a success fee.

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)

David Cullinane: So NAMA was unable to join up those dots.

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)

David Cullinane: I will be seeking the assistance of Mr. Daly and Mr. McDonagh to better understand two sets of minutes of the NAMA board. I will go through one set of the board minutes line by line because I want the witnesses to address my confusion over them. Before doing so, I seek clarification on one issue on the sale price before I get back to the conflict of interest. At any point in the 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)

David Cullinane: I want to come back to the minutes of 13 March 2014. With respect to Mr. McDonagh, Mr. Daly, Mr. Stewart and Ms O'Reilly, I am struggling to understand the logic of NAMA on this and I hope they will assure and persuade me on this issue. I will talk them through this line-by-line because the important part of minutes is that they record what happens at a meeting. They give a sequence of...

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)

David Cullinane: Yes. That was relayed to NAMA legal via conference call on 10 March 2014. We have established that as well. PIMCO sought NAMA's acquiescence to this, which NAMA had not acceded to. The acquiescence was another reference to the success fee. Is that right?

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)

David Cullinane: Yes, perfect. The minutes read: "As discussed via the conference call between NAMA's Head of Legal and PIMCO's Legal Counsel on 13th March 2014." Again, this is all still in the context of the success fee. Moving on, the minutes read: "In the interest of full transparency, PIMCO disclosed that the success fee arrangement had involved a potential payment of £16 million split equally...

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)

David Cullinane: ...he made any disclosure of his involvement." Again, it is very logical that this was in reference to the breakdown of the success fee between Brown Rudnick, Frank Cushnahan and Tughans, otherwise NAMA would not have mentioned Frank Cushnahan.

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)

David Cullinane: I am following the logic of the minutes. That is all I am doing. The logic of the minutes is that PIMCO legal informed NAMA of the existence of a success fee, that it was negotiated by PIMCO's commercial team and that PIMCO disclosed that it was a three way breakdown between Frank Cushnahan, Tughans and Brown Rudnick. The minutes talked earlier about the negotiation and mentioned it again,...