Josepha Madigan (Dublin Rathdown, Fine Gael) | Oireachtas source

I outlined at the last meeting that things were lacking in three main categories. Under the category of valuation of portfolios, there was a lack of records, a lack of discussions about the sale of Project Eagle, a lack of formal evaluations of property collateral and a lack of formal expert advice received. Under the category of conflict of interest issues, there was a lack of actions taken to deal with conflicts of interest in the success fee arrangements, there was no considered approach to the method of sale and haste appears to have been put before prudence. I have said all of this before. There was also a lack of competition in the sales process.

Deputy Cullinane has gone through one aspect of the issues with regard to Lazard. I understand that a mini-tender is normally put forward prior to the appointment of loan sale advisers. I know that is permissible under EU procurement rules. Can Mr. Daly explain why that was not done in this instance when Lazard was being engaged?