Oireachtas Joint and Select Committees

Thursday, 10 November 2016

Public Accounts Committee

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

9:00 am

Photo of David CullinaneDavid Cullinane (Waterford, Sinn Fein)
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My party cannot be accused of that. There is an important point to be made as well that should not be lost on us in this response where it says that when this project was conceived - we now know it was not conceived by PIMCO and it was conceived by all these players, that is, Mr. Coulter, Tughans, Mr. Frank Cushnahan and Brown Rudnick - it was not specifically in relation to PIMCO and that there were at least three bidders. That raises questions, because one of the narratives from NAMA was that once PIMCO and Cushnahan were out of the game, or once PIMCO was gone at least, that was the end of the matter. That is not the case. We need to know who these three bidders were. That is very important. Who were these other players who were in the game? Only Brown Rudnick can answer that question, but it is an important question nonetheless.

There is reference to the information that was given to PIMCO by these players. It is important to remind ourselves that this information was given by Mr. Cushnahan when he was a member of the Northern Ireland advisory committee of NAMA in April 2013. The information was of a very sensitive nature and he would have had it only because he was a member. That is how explosive this response is.

There are a lot of follow-up questions, but I reiterate it was not only PIMCO which was being approached by these fixers, players or whatever one wants to call them. They were approaching a number of others. It just happened to be that PIMCO then made the approach to NAMA.