Michael Noonan (Limerick City, Fine Gael)
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I was disappointed that PIMCO had withdrawn because I had been briefed on the basis that things were going well and there could be a sale of the portfolio. I explained the reasons to the Deputy earlier. We were after coming out of the bailout at the very end of 2013 - this was March 2014 - and a lot of advice I got from eminent people was that we needed a precautionary programme to ensure access to the market. The rating agencies had told NAMA, together with others present at the meeting, that the contingent liability of NAMA was a drag on our ratings and we would not get investment grade. The European Central Bank, ECB, was constantly urging NAMA to sell assets so that it could redeem the bonds to take pressure off the Irish banks. Of course I had concerns about it but I did not know anything about anything to do with this. I never met Mr. Cushnahan, who was recommended by the Minister, Sammy Wilson, to the late Brian Lenihan, and was appointed by the board of NAMA to its advisory committee. The board of NAMA reappointed Mr. Cushnahan in my period of office. Again, I was told that it was reappointing him but I did not know anything that would cause me to object. As far as I was concerned, at the point of reappointment, he was a satisfactory member of the Northern Ireland advisory committee.