Oireachtas Joint and Select Committees

Thursday, 10 November 2016

Public Accounts Committee

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

9:00 am

Photo of Alan KellyAlan Kelly (Tipperary, Labour) | Oireachtas source

I have one last comment. I will be brief. Point 10 in Mr. McCarthy's summary is a point to which I have consistently referred. During all the questioning, it has come across to me that there is an unwritten or undefined aspect to this, that is, that there were four components, to which Mr. McCarthy has made reference, to the making of this decision which, through this process, I believe we will strengthen in our conclusions, namely: political pressure, particularly from a Northern Ireland perspective; diplomacy; the lack of debtor engagement, to which Mr. McCarthy has made specific reference; and an unquantifiable business risk of holding onto the assets. I believe those are the four main reasons that are not factually accounted for in great detail because they are unquantifiable in many ways. Would Mr. McCarthy strengthen his summary based on the evidence we have found? I certainly would. I believe that the outside factors I have just referenced were by and large huge components of the decision to sell in the way in which NAMA did.

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