Oireachtas Joint and Select Committees

Tuesday, 25 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

That is certainly news to me. The board minutes from the meeting of 13 March state: "The Board noted that PIMCO had advised that the negotiations had commenced in April 2013". In our previous session, which was attended by some members of the NAMA board, Mr. Oliver Ellingham agreed with me when I put the following to him: "PIMCO, on leaving the process of its own volition, as I interpret it, informed NAMA that this deal was struck in April 2013. That is my reading of the NAMA board minutes." In response to that statement from me, Mr. Ellingham agreed that that was how the minutes read but said this was a typo. It is clear from the notes of the telephone call that this was not a typo. Mr. Stewart was party to the conversation in which Mr. Rice stated that the Project Eagle process had been with NAMA for several months. He references April or May 2013, which is then reflected in the board minutes. I want to get to the bottom of that. What does it mean?

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