Oireachtas Joint and Select Committees

Thursday, 6 October 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

11:00 am

Photo of Mary Lou McDonaldMary Lou McDonald (Dublin Central, Sinn Fein)
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Yes. When the Minister was informed in March of the fact that fixers' fees, or success fees, were to be paid to Mr. Frank Cushnahan, a former member of the advisory committee, he heard of the difficulties that that caused for PIMCO and so on. I put it to the Minister, at that point the reason for his intervention was not around the commercial mandate of NAMA but was around governance, proper practice and the fact it had become clear that the process had been corrupted. It had nothing to do with him making a commercial call for NAMA but everything to do with him stating the blindingly apparent, that where a former member of that advisory committee was to receive a payment, clearly the process had been corrupted.