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

I am conversant with that fact. I am also conversant with the fact it was the head of asset recovery who brought forward this paper. Not alone was the board asked to clear that, but it was then given news that, guess what, Cerberus had a fee-sharing arrangement with Brown Rudnick and Tughans. The board only became aware of this on the 3rd, but it is clear from the minutes that the chief executive and the chairman knew about it before the 3rd. Did the board ask Mr. Daly or Mr. McDonagh when they discovered this? At what point did the NAMA chief executive and chairman know there was this fee sharing arrangement? I accept the board only discovered on the 3rd. If I were a member of the board and I was presented with the need for a quick decision and that information all in one, I would have felt bounced and I would not have agreed to it given everything that had happened before. Maybe that is just me, but it would have been the prudent position to take. My question is, the board discovered on the 3rd this arrangement that Cerberus had with Brown Rudnick and Tughans. At what point, or on what date, did the chairman and chief executive know about this arrangement?

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