Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

Mr. Daly briefed on Project Eagle; therefore, the name had been selected at that stage. The minutes state the chairman had broadly outlined what a NAMA sale process would entail with value and in an open market and key considerations for the agency. The committee discussed the approach to be taken and views were expressed. Mr. Rowntree raised a number of issues such as the sale of a portfolio of such a scale leading to strategic land locking and the sale requiring value to be achieved by NAMA, with transparency as a protection in this regard. The minutes further state: "The approach from PIMCO implies that a value can be obtained from the portfolio although the NI debtor portfolio also includes British assets" and a discount would be sought and that, therefore, the question of value was key for NAMA - sell versus hold. The discussion included external member feedback on the proposed approach. I ask Mr. Rowntree to reach into his powers of recollection as I would like to get a sense of the discussion which took place. Earlier we agreed that there was a set compass which was asset focused as against debtor working out. Work was done by the Univeristy of Ulster and then, bang, out of nowhere this came. I presume the matters are recorded, as would be expected, in a neutral fashion on the page. Was Mr. Rowntree concerned when this happened? The discount has been a lively topic in respect of the portfolio. That emerged in the discussion. Will Mr. Rowntree talk us through that meeting and exchange?