Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014

9:30 am

Mr. Frank Daly:

Our relationship was with Brown Rudnick, which subcontracted work to Tughans. That was Brown Rudnick's business. Our major concern, right to the end, was to ensure there was no taint regarding the involvement of Mr. Cushnahan. We sought this assurance from Cerberus, which it gave, as it confirms, having also consulted with Brown Rudnick, which consulted with Tughans. They were two commercial firms. Again, I reiterate that our concern was Mr. Cushnahan. Firms such as Cerberus, Brown Rudnick or even Tughans do not lightly give undertakings such as they gave to us.

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