Michael Noonan (Limerick City, Fine Gael)
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A couple of points arise from the Deputy's question. There were a number of Ministers of Finance in Northern Ireland during the period, so the Minister the Deputy refers to is Mr. Sammy Wilson. He wrote to me and the committee has a copy of his letter among its documents. The committee also has an accompanying document which sets out in outline, if not in considerable detail, the proposal that PIMCO had made in the first instance to the Minister of Finance in Northern Ireland, not to me. I advised him that there would not be a bilateral sale without a competitive tendering process. I outlined to him the way NAMA was required to operate and I forwarded a copy of his letter to NAMA because it was a matter for NAMA. The document that was generated by PIMCO which he advanced and which the committee has seen was a document on the proposed purchasers' side.

On the nature of the Project Eagle portfolio, it was entirely a matter for NAMA to assemble the portfolio. I understood at the time - the Deputy can question NAMA about this when it comes back to the committee, as I understand it will - that the common factor was the debts of Northern Ireland developers or builders. Even if these loan books arose from property in regional England or Germany, the common factor was that the lien was on Northern Ireland developers. I understand that was the common factor that put the portfolio together.