Oireachtas Joint and Select Committees

Thursday, 24 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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I am drawing the witnesses' attention to a reference to April 2013 in the board minutes of 13 March. We spoke about the PIMCO letter. What Mr. Daly is really saying, then, is that the question was asked but PIMCO did not give NAMA the information, which is very serious, given that a criminal investigation is ongoing. I think PIMCO would be very interested in Mr. Daly's comments. I think they are very explosive in the context of the criminal investigation.

Moving on from that, Cerberus also appeared before the committee. The witnesses would have seen when representatives of Cerberus were before the committee that they said that when Cerberus was approached by Brown Rudnick - Cerberus got a cold call approach by Brown Rudnick - Brown Rudnick informed Cerberus that it had been working on this project for a year. Brown Rudnick approached Cerberus in March 2014. If one works backwards one year, that is March 2013. Again, Brown Rudnick had no problem volunteering that information. PIMCO had no problem volunteering to us information on the background of April 2013. However, Mr. Daly wants us to believe that PIMCO did not give NAMA or its board that information at a critical time when it was giving NAMA the information about the success fee. From all of the documentary evidence that the Comptroller and Auditor General presented to us in terms of the contemporaneous notes, it is very clear to me that PIMCO was very aware of its legal requirements. It was very conscious of them, so for PIMCO not to give NAMA the information that Mr. Daly says it did not give NAMA is very serious for PIMCO, and that is very troubling.