Oireachtas Joint and Select Committees

Tuesday, 18 October 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

10:00 am

Photo of Catherine MurphyCatherine Murphy (Kildare North, Social Democrats) | Oireachtas source

We have spoken about competitive tension and the Chairman has asked the witnesses about whether the two entities which made bids were told that PIMCO had withdrawn. Even if they were not told that PIMCO had withdrawn, they would have known it because one of the entities engaged Brown Rudnick, and maybe Tughans, and the other entity, Fortress - as the witness has just told the committee - engaged the other adviser. Both entities would have known in advance of the bid that PIMCO had withdrawn. That is fairly obvious. Fortress was then not willing to bid the reserve price. Did the minium price in fact become the maximum price - the 1% over to which the Chairman has drawn attention? This strikes me as just about over, just to get over the line.

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