Oireachtas Joint and Select Committees

Thursday, 24 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

Mr. John Collison:

We had a discussion and in that discussion and negotiation we suggested that it would perhaps be better to have Oaktree in the top tier because we had more visibility and knowledge of its bidding activity. We had that discussion and we relied on the advice of Lazard. Would there have been any issue with making that switch? Lazard's advice was that there would not be and that they were equally as financially strong and active as the other party. We then took its advice. It also recommended two other firms in tier 1 and we did not have any discussion or debate about those. It was a natural negotiation.

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