Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Today the committee will continue its examination of the Comptroller and Auditor General’s Special Report No. 94 on the National Asset Management Agency, or NAMA as it is better known, and its sale of Project Eagle. Project Eagle was the code name given to the sale of NAMA’s Northern Ireland loan portfolio.

We have already had meetings with Comptroller and Auditor General on his report, with NAMA and with the Minister for Finance, Deputy Michael Noonan, and his officials. Today Mr. Brian Rowntree is before the committee and I would like to thank him sincerely for making himself available. Mr. Rowntree was a member of NAMA's Northern Ireland advisory committee, NIAC, at the time of the sale of Project Eagle. The NIAC was established by the NAMA board in January 2010. It comprised four NAMA board members, NAMA’s head of asset recovery and two external members. The main purpose of the NIAC was to make recommendations to the NAMA board on matters pertaining to Northern Ireland in the context of NAMA’s objectives and functions and to make recommendations to the board concerning NAMA’s strategy for Northern Ireland assets.

We are also joined today by the Comptroller and Auditor General, Mr. Seamus McCarthy, and his colleague, Ms Mairead Cosgrove.

I remind members, witnesses and those in the Public Gallery to switch off their mobile phones. I wish to advise witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, they are protected by absolute privilege in respect of their evidence to this committee. If they are directed by the committee to cease giving evidence in relation to a particular matter but they continue to so do, they are entitled thereafter only to a qualified privilege in respect of their evidence. They are directed that only evidence connected with the subject matter of these proceedings is to be given and are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise nor make charges against any person or entity by name or in such a way as to make him, her or it identifiable. Members are reminded of the provisions within Standing Order 186 that the committee shall also refrain from inquiring into the merits of a policy or policies of the Government or a Minister of the Government or the merits of the objectives of such policies. Finally, members are reminded of the long-standing ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the House or an official by name in such a way as to make him or her identifiable.

I invite Mr. Rowntree to make his opening statement.