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Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: -----but would discuss the possibility of certain loans being dealt with?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: What level of detail would be given?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Was Mr. Rowntree ever able to identify who these debtors were?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: You would be able to identify them.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: So Mr. Rowntree would know in advance, even though-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Even though they did not-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: The witness was able to make up the jigsaw?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Okay, that is interesting. Mr. Rowntree said in his opening statement that the Northern Ireland Executive was informed. How did that work?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: That is my next question. I am intrigued by the fact that meetings took place subsequent to the NIAC meetings.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Were they with the Minister for Finance directly?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: They were with the Minister for Finance and his officials.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Would these meetings happen after each NIAC meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: We must find out the detail of those. I take it there were no details on them.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Who goes to these meetings?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Did the NIAC add value or was it just a talking shop?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: I can decode that point rather easily. There was a volte-face over the question of a fire sale. There were serious concerns after the meeting with the Minister for Finance on this question but then it was decided that the whole lot was to go at once. How did that make Mr. Rowntree feel?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: It effectively said that the whole strategy of avoiding a fire sale in Northern Ireland, because of concerns over the impact on the market, was to be changed.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: It must have come as a complete shock to the committee that, after all the discussions and analysis, everything it had tried to ensure did not happen then happened in one go.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Having been on the NIAC, Mr. Rowntree's assessment is that there must have been a change of direction at board level in NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (13 Oct 2016)

Alan Kelly: Would it be fair to say that, once an offer came in, it changed their view?

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