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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) (18 Oct 2016)

Mary Lou McDonald: Does Mr. Soffe still accept that that assurance holds water?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Mr. Soffe knows that there are several investigations under way-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: -----not least in this jurisdiction, where one is soon to be established, as well as in the Northern jurisdiction and America. That was not a good day's work by NAMA, was it?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: If Mr. McEnery does not mind me saying so, that makes it all the more extraordinary that the direct question was not put at any stage in relation to Mr. Cushnahan.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: Does Mr. Soffe think I am making a big deal out of nothing? Is that the case? In that regard, I direct him to the board's minutes of 11 March which are recorded on page 116 and 117 of the report. It is at this stage that the head of asset recovery, Ronnie Hanna, tells the board about the conversation with PIMCO. It is fascinating to note the following statement on page 117:Following...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: How does one tell the dancer from the dance or what is real and perceived?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: He probably did not need it as he was advising seven debtors who represented 50% of the portfolio. I suggest he did not necessarily have to come to the board's meeting to have extensive debtor information. The meeting then heard that the payment to Mr. Cushnahan was a significant issue, of which Mr. Soffe made great play. However, at no stage in any of the documentation is it reflected...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It may have been fatally flawed, yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: The witnesses argue that PIMCO tried to manoeuvre to get NAMA on side with something that should not have been going on. It tried to sidestep compliance and regulation. Is that not their contention? It is a very serious thing to suggest.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: It is in the board's minutes that PIMCO tried to secure the board's acquiescence to this dodgy manoeuvre.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: We are trying to unravel what happened and can only go on what is in front of us. The minutes tell us that the board discussed the issue and it was stated - this is faithfully recorded - that PIMCO was trying to pull a quick one.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: The conversations we have just gone through in Appendix E comprehensively refute that assertion because, according to this material, that is not the conversation that was had with PIMCO.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: In other words, Ronnie Hanna and the other person, NAMA's senior divisional manager - legal - I do not know if the witnesses wish to tell us who it is or was - were essentially on a solo run. That is the witnesses' position on the issue.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I have no doubt that we will return to it at future hearings.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I assume I will be able to contribute again.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: The witnesses have been very aggressive and dogmatic in making many of their assertions. The difficulty arises when one reads the board minutes. In that regard, I am zeroing in on the issue of PIMCO because I believe it is at the core of how the board did its business and the witnesses' stewardship of the board. The assertion that the board was insistent as regards PIMCO is not reflected...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: We know they exited. Did the head of the legal division report to any regulatory authority at that time or subsequently that PIMCO had attempted to sidestep its regulatory and legal duties in the way Mr. Soffe contends happened, by seeking his acquiescence and so on? Was that reported anywhere?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I assume NAMA is in contact with various authorities now in respect of other investigations. Have Mr. Soffe and Mr. McEnery made this information known in respect of PIMCO? Did they make a complaint or share that information with any of the investigating authorities?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am asking about the witnesses' assertions around PIMCO.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (18 Oct 2016)

Mary Lou McDonald: I am sorry. The witnesses have, in fact.

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