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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) (24 Nov 2016)

David Cullinane: The problem here-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: With the greatest respect to Mr. Daly, I am not attempting to muddy any waters; I am attempting to establish the facts. That is our job in this committee-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: -----and that is what I am attempting to do.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: 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...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: The same-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Mr. Daly says if-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I will leave-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I will move onto another topic. With respect, Mr. Daly is counting on the clock now and what I will leave there is the letter we got from PIMCO and the evidence from Cerberus. Obviously, we will have to make up our own minds on all of that. I want to draw Mr. Daly's attention to another paragraph of the same minutes. These are signed minutes, so there was never adaption of them. These...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: They do. I will read from them again: "Following further discussion the Board noted that, subject to Lazard's advice", etc. For Lazard to give the advice, it would have to be in possession of the information. However, NAMA did not give Lazard the information.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: No. That is-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Sorry, that is not the case. "As was possible" relates to giving the information to the bidders, not Lazard having the advice, which is different. Representatives Lazard appeared before the committee, and I want to make Mr. Daly aware of what they said. Mr. Daly put on the record some of what they said but he was quite selective in that regard. When Mr. Long of Lazard was here, he said he...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: No, this is what they said. I took the transcript of it. This is what was said by-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: We took it from the video.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Yes, so it is all-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: No.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: I understand that, but what I am saying is-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Unfortunately, the record is just not on the website yet.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: With respect to the Chairman, I am giving them the benefit of it because I am reporting back word for word what was said.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

David Cullinane: The Chairman can see that, but I will-----

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