Oireachtas Joint and Select Committees

Tuesday, 25 October 2016

Public Accounts Committee

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

10:00 am

Mr. Alan Stewart:

The point there about no reporting obligations for NAMA is that there was no legal obligation on NAMA to tell Lazard the full facts of what PIMCO had outlined to us in the detail that they had. That the matter may evolve in the normal way and no great question will be asked, I think that is a reference to, you know, as PIMCO withdrew, which by now of course they had indicated they were going to do, then Lazard obviously would get notification of that as part of the overall sales process, and that they may not ask any further questions of NAMA as to PIMCO's reasons for withdrawing.