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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)

Catherine Connolly: Did it worry him? Please, do not tell me about the assurances NAMA sought. I have read those. Did it worry Mr. Daly that the same solicitors were now going to Cerberus?

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)

Catherine Connolly: And Mr. Daly got that assurance.

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)

Catherine Connolly: Did it occur to him in view of what he knows now about PIMCO and the alleged £15 million or £16 million to ask Brown Rudnick what it was getting? Does Mr. McDonagh want to answer?

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)

Catherine Connolly: Mr. McDonagh wanted to answer that question.

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)

Catherine Connolly: Did Brown Rudnick sign a non-disclosure agreement?

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)

Catherine Connolly: Did Mr. Stewart hear my question? Did Brown Rudnick sign a non-disclosure agreement?

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)

Catherine Connolly: PIMCO has gone out-----

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)

Catherine Connolly: Please allow me to finish. PIMCO had gone out it is alleged under a cloud. Cerberus then had the same group of solicitors. Is Mr. Stewart telling me the onus was on PIMCO?

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)

Catherine Connolly: Yes, I did.

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)

Catherine Connolly: I am going to stop Mr. Stewart at that point because it has taken four and a half minutes to reach it.

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)

Catherine Connolly: It is not complicated at all. The ordinary person on the street has been mentioned many times. For the ordinary person on the street, a group of solicitors were acting for one company which withdrew under a cloud. They then literally crossed the road and within a matter of days were with another company which ultimately was successful. They were paid in the region of €15 million to...

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)

Catherine Connolly: For what were the solicitors paid €15 million?

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)

Catherine Connolly: Mr. Stewart did not ask the question as to what knowledge it had brought, rather he asked for confirmation that nothing had been breached.

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)

Catherine Connolly: Cerberus has acknowledged before the committee that there was a breach.

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)

Catherine Connolly: Is Mr. Stewart now aware of that?

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)

Catherine Connolly: When did this become apparent?

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)

Catherine Connolly: Tuesday, 22 November.

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)

Catherine Connolly: I have one or two points to finish. Why did NAMA not ask Cerberus at the time about breaches?

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)

Catherine Connolly: A representative of Lazard gave evidence the last day that PIMCO had had an advantage. I am sure Mr. McDonagh saw this in the transcript. After giving evidence for many hours, he finally came back and said that, given that PIMCO had been involved in the process well before he had came on the scene, it had had an advantage. Second, he also said Cerberus should have informed it that it had...

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)

Catherine Connolly: Will Mr. McDonagh answer my question about the advantage PIMCO had?

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