Oireachtas Joint and Select Committees

Wednesday, 22 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Frank Daly:

No, but I think what you have to take into account, Chairman, is Mr. Bacon produced a report, and then that report became the basis of a NAMA Act, which went through a very extensive consultation process - there were something like 400 amendments put during the passage to the Oireachtas. So I don't think there ... certainly the most important thing for us would be that there is absolutely no mission creep from the Act, because the Act is our ... viable, not any report, and there certainly hasn't been. But I've reread Dr. Bacon's report recently in the context of this hearing and I would certainly say there has not been any significant mission creep from that. I think he might have had a general view. I know he gave evidence to the committee, for example, back in that ... or he didn't give evidence, but I think it was quoted to him by somebody in the committee that in 2010 he had said we should have sold assets quicker, and I think he said this he was maybe being quoted out of context. So, certainly no mission creep, mission drift.