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

The notes I have quoted from are summaries of the communications, mainly conference calls, between PIMCO and NAMA in March 2014 regarding PIMCO's withdrawal from the Project Eagle loan sales process and are based on meetings with NAMA officials and the examination team reviewing a minute of a conference call prepared by NAMA's senior divisional manager, legal and reviewed by NAMA's head of asset recovery, based on contemporaneous notes taken by the senior divisional manager, legal, on 11, 12 and 13 March, and copies of e-mailed correspondence between NAMA legal and PIMCO. They are substantiated. This is not an unsubstantiated scenario. They reflect that NAMA was attempting to hold PIMCO inside the process.

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