Seán Fleming (Laois, Fianna Fail) | Oireachtas source

We are discussing special report No. 94 of the Comptroller and Auditor General on the National Asset Management Agency, NAMA, and its sale of Project Eagle. Project Eagle was the code name given to the sale of NAMA's Northern Ireland loan portfolio. I welcome from Cerberus Capital Management, the investment firm that bought Project Eagle, Mr. Mark Neporent, chief operating officer, who is based in the United States. We thank him for coming to assist our committee today. We are also joined by Mr. Seamus McCarthy, the Comptroller and Auditor General, and Mr. John O'Riordan, the deputy director of audit. I remind everybody to turn off all mobile phones because if they are on, they will interfere with the recording of the proceedings.

I wish to advise witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, they are protected by absolute privilege in respect of the evidence they are to give this committee. If a witness is directed by the committee to cease giving evidence in relation to a particular matter and the witness continues to so do, the witness is entitled thereafter only to a qualified privilege in respect of his or her evidence. Witnesses are directed that only evidence connected with the subject matter of these proceedings is to be given and witnesses are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise nor make charges against any person, persons or entity by name or in such a way as to make him, her or it identifiable.

Members of the committee are reminded of the provision in Standing Order 186 that the committee shall refrain from inquiring into the merits of a policy or policies of the Government or a Minister of the Government or the merits of the objectives of such a policy. Finally, members are reminded of the long-standing ruling of the Chair to the effect that members should not comment on, criticise or make charges against a person outside the House or an official by name in such a way as to make him or her identifiable.

I invite Mr. Neporent to proceed with his opening statement.