John Perry (Sligo-North Leitrim, Fine Gael) | Oireachtas source

Deputy Costello referred to Project Eagle. In the US, when a big pay day arrives they say that the eagle has landed. From the point of view of Cerberus, the eagle certainly landed.

I ask Mr. McDonagh to outline the due diligence carried out in advance of the sale. It appears that Lazards was appointed at a late stage. The letter to the Northern Ireland Minister, Mr. Wilson, from Brown Rudnick states that the firm took comfort from the fact that NAMA had completed the necessary due diligence in respect of all loan transactions and could guarantee the validity and enforceability of the security and that over the previous years it had undertaken a significant investment in tidying up the security package. Given the scale of the deal, it is surprising that the letter also states that the firm planned to commence a four week long due diligence process. Who carried out the first due diligence for NAMA?