Results 101-120 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: The point is that we know that on 10, 11 and 12 March, the board, CEO and the chairman of NAMA were aware of a success fee arrangement between Brown Rudnick, Tughans and Frank Cushnahan, but at no point on those three occasions was NAMA able to acquire the actual date. There had to be a reason for that and the reason was either that NAMA asked for the information and was not given it or 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: ...question. We want to know the date because Mr. Cushnahan was a member of the Northern Ireland advisory committee and we want to be very clear that there was no association when he was a member. NAMA asked for the date and did not get it. Surely it would go back again and say that it needed the date. Was that done?

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 putting myself in the shoes of the NAMA board. I am a NAMA board member. I am made aware of a success fee arrangement that involves a member of the Northern Ireland advisory committee. I do not know when that relationship started. I would try to get that information. Mr. Stewart says NAMA tried to get the information and did not get it. At no point was that ever established, which...

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 asked him whether Cerberus was made aware by NAMA that PIMCO had a success fee arrangement with Mr. Cushnahan who had been a member of the Northern Ireland advisory committee, Brown Rudnick and Tughans and he said "No". I asked him whether that information would have been useful to Cerberus and he said of course it would have been. Of course it would have been useful information for...

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: ...who said when he said one cannot disentangle Mr. Cushnahan from Brown Rudnick and Tughans. It also goes back to what the Comptroller and Auditor General said in his final finding. He said that NAMA was concerned about being legally OK but was not concerned with actually drilling down into it and making sure that Cerberus had access to the full information so that when it gave NAMA a...

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: Yet it is in the board minutes of 13 March that NAMA would do that and give the information to bidders about the departure of PIMCO if it was necessary. It would have been necessary in this situation.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: ...have adopted. I will go through different elements of the report. On page 63, the report states:The loan sale process undertaken for Project Eagle differed significantly from that undertaken by NAMA for other large loan sales. While the processes adopted for Project Tower and Project Arrow conformed to the standard NAMA sales procedures, the Project Eagle process did not. Does Mr. Long...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Paragraph 4.6 on that page indicates:In October 2013, the Board approved a NAMA executive proposal to explore the possible disposal of the loans of the Project Eagle debtors to PIMCO... The paper presented to the Board for that meeting noted... "...in line with our Board policy... will only be recommending the sale subject to an open marketing process". That was in October 2013 and the board...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: In December 2013, two months later, the report indicates:when the NAMA executive sought Board approval for Project Eagle, it did not recommend an open marketing process. Instead, it sought guidance from the Board as to how to respond to PIMCO’s continuing request that it be granted exclusivity. An objective reading of that, from what I can see, is that in October it was very clear it...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I thank Mr. Long. I will be the judge of that and we will ask the NAMA representatives those questions when they come in. Paragraph 4.10 states:The paper presented by the NAMA executive for the Board meeting on 8 January 2014 proposed a plan that involved the immediate appointment of loan sale advisors. I assume that was Lazard.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: That is contested. That is NAMA-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: That concerns NAMA but I am talking about Mr. Long saying he became aware of it before we knew. We had to tease out the April 2013 date in the minutes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I am specifically asking about the April 2013 date because the actual issue of a loan sale portfolio was not considered by NAMA until much later.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: He can provide evidence, papers or letters to NAMA based only on the information he has. Is that correct?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: Page 82 states that Lazard, on 2 April, provided a letter to the board of NAMA: "In its professional advisory judgment, given NAMA's objectives, the process had been appropriate ..." The process had become compromised by virtue of Mr. Cushnahan's involvement with Brown Rudnick and Tughans and their transfer from PIMCO to Cerberus. Given that Lazard did not have that information, Mr. Long is...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: I am not asking about NAMA. I am asking Mr. Long.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: That is one part of it but Mr. Long was involved in a number of exchanges with NAMA in respect of the letter of assurance sought from Cerberus. That was in connection with the organisation's association with Brown Rudnick and Tughans. At that point, was Mr. Long aware of the conflicts of interest with PIMCO. I refer to the fact that there had been a success fee with Brown Rudnick, Tughans...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: ...of assurance. Had Lazard been advised at that point that Brown Rudnick and Tughans were actually in a relationship with Frank Cushnahan, and that Frank Cushnahan had an association with debtors? NAMA knew this. Why did it not share that information with Lazard? I cannot ask Mr. Long to speak for NAMA but, in his view, the information is valuable information not to have been shared with him.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

David Cullinane: ...his involvement in the process. In terms of paragraph 4.17 of the Comptroller and Auditor General's report and the objective of prohibiting contact or association with debtors, the point is that NAMA became aware of an association with debtors and a success fee that involved Mr. Cushnahan. Given the information was not shared with Lazard, the guardian of those objectives, Mr. Long does...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

David Cullinane: So PIMCO saw an opportunity, approached NAMA and said it wanted a short and exclusive sales process. Is that Mr. Mulcahy's understanding of how it was conceived?