Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014

9:30 am

Mr. Frank Daly:

No, there was not a conflict in relation to Brown Rudnick or Tughans. That was not the issue for us. The issue for us was the former NIAC member or anybody else in that space. That was the confirmation we sought. The rationale for Cerberus involving Tughans, through Brown Rudnick, was that Tughans and Brown Rudnick had been doing a lot of work on this portfolio anyway when PIMCO was in the frame. Commercially, it made sense for Cerberus to use those firms, rather than starting back at square one. I am not making a judgment on whether this was a totally rational commercial decision but it did not seem unreasonable to us.