Results 81-100 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: ...when he left. The concern would have been that surely there was a possibility that he had an association prior to that. That would have been the most obvious question to ask and yet the board of NAMA did not even ask PIMCO. The reason why I believe it did not ask PIMCO is because it already knew. Can I go to page 116-----

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 be fair to NAMA but the problem here is we are left with a situation where we have to look at the process and what we perceive potentially to be failures in process. Mr. Daly said earlier that he believed the facts that were set out in the PIMCO letter. The problem is that those facts were not relayed to the board. Was that Mr. Daly's testimony earlier today?

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: If Mr. Daly believes PIMCO and that is what happened then we had a situation where somebody within NAMA, even though it was the NIAC, and Brown Rudnick and Tughans approached PIMCO. Much of the criticism of the process by the Comptroller and Auditor was that there was a sharp deviation from standard sales practice. There was a shift from a work out of the assets to a loan sales strategy and...

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: All of this was before PIMCO approached 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: ...together. We know it started in April 2013, according to PIMCO, and they together were the genesis of the possibility of Project Eagle. PIMCO then contacted politicians and then it approached NAMA, and then Project Eagle was born.

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, then clearly, as I have outlined, given Mr. Cushnahan's association with the NIAC, his association with debtors and that they were the ones that approached PIMCO, which then approached NAMA, does that not indicate to Mr. Daly that this whole process had become compromised?

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: ...gave an account of a number of different events which Mr. Daly also disputes. He also disputes the Comptroller and Auditor General's report. It seems there is some sort of conspiracy according to NAMA against it by the Comptroller and Auditor General, by PIMCO and by others who give a contrary view.

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: What would the consequences have been if they had told 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: Let us follow Mr. Daly's logic for a second. PIMCO did not disclose this information to NAMA. Had they disclosed this information to NAMA, this happened in April 2013. Mr. Cushnahan was still a member of NIAC and he had an association with debtors. Mr. Daly mentioned earlier that it is unbelievable to suggest that NAMA would not have acted. What would NAMA have had to do?

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: If they had the same view as Mr Daly, which I am sure they would, that means, to follow the logic of Mr. Daly's argument, because they did not give NAMA that information that they were somehow complicit in a compromised process.

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: Mr. Daly is the chairman of NAMA and we have gone through all this ad nauseam. Mr. Daly said he was not aware that this all happened in April 2013, so any association that Mr. Cushnahan would have had with Brown Rudnick and Tughans would have been post-November 2013 when he left. For the record and for the purposes of clarity, is Mr. Daly telling me that nobody in NAMA, neither himself nor...

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 does not say it in the document. I asked whether anyone from NAMA had asked whether anyone from PIMCO had an association with Frank Cushnahan when he was a member of the board. That is not reflected.

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: Nothing in that answer clears up anything for me. I asked a simple question. Did anyone in NAMA ask representatives of PIMCO when they had an association with Frank Cushnahan via Brown Rudnick and Tughans? Mr. Daly has said that they did, because Ronnie Hanna asked when PIMCO became aware of it. I am trying to establish the response. What date did they say that they had an arrangement...

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: This is the point. If I was a board member and I was in the position of the NAMA chairman I would want to know the date explicitly in order to be absolutely clear that when the association first arose, the person was not a member of the NAMA Northern Ireland advisory committee. Mr. Daly is telling me that he did not get that. NAMA asked the question but did not get the response.

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: NAMA asked the question directly. Mr. Daly is telling me that the direct question was asked to PIMCO about at the point at which they initiated contact with 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 find it extraordinary that not one of the NAMA board, chief executive or chairman would not have established exactly from the PIMCO representatives on 10 or 11 or 12 March when they first had any contact with Frank Cushnahan. If they did not get that information, then they should have done what I referred to earlier, that is to say, they should have contacted NTMA compliance and brought in...

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: This is my last point. The suggestion that NAMA did not ask because it may not have got the information is no defence for not asking. I will leave it at that.

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: ...and PIMCO when he was a member of the board. We also do not know the answer because there is no reference to any date in the same minutes, apart from April 2013, which is in the board minutes. NAMA wants us to believe that it asked the question but PIMCO did not answer 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: ...that it did not happen. I will try one more time but do it in a different way. I will put this question to Ms O'Reilly. According to Mr. Daly, Mr. McDonagh and the board, on 10, 11 and 12 March, NAMA was not in possession of the actual date when Mr. Cushnahan first had an association with Brown Rudnick and Tughans. That is very clear.

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 may disagree on that. That is what NAMA is saying. Why was that the case?