Oireachtas Joint and Select Committees
Tuesday, 22 November 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
Mr. Patrick Long:
I understand the Deputy's point of view. I did not mean to say the ends justified the means. I was trying to get across the fact that, notwithstanding that there were challenges along the way in respect of PIMCO's fee arrangements and the circumstances of its withdrawal and that the sale process had some unusual features, the process had been successful and the outcome had been successful. We ran a very fair process. One of the concerns of the investors we had approached and invited to participate was whether PIMCO had an unfair advantage by virtue of its prior involvement. We did our best to ensure PIMCO would not have such an unfair advantage. Another Deputy touched on the prior work-----
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