Derek Nolan (Galway West, Labour) | Oireachtas source

I welcome Mr. Corrigan and his officials. The NTMA has assumed a role in society it probably did not foresee five or six years ago. Its name is well known and the agency is very much in the public eye. I refer to an issue mentioned in the Comptroller and Auditor General's opening statement regarding transition management services and the State Street corporation. It is a complex issue, but my understanding is that a decision was taken in 2010 to liquidate some of the assets in the National Pensions Reserve Fund for investment in the banking sector. To do this, the NTMA used a panel of fund managers to transition them, one of which was State Street. Its employees were responsible for €4.7 billion in funds and the NTMA agreed a price with them for that work of €698,000. In October 2011 the NTMA wrote to State Street asking it to clarify the fee that had been paid based on reports. Why did the agency write at the time asking for further information?