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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) (6 Oct 2016)

Seán Fleming: We will move on to Deputy Shane Cassells, but the witnesses can understand why this is a complicated issue.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: Fair enough.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: On the divergence of opinion and to help us, because the Chairman has to bring us together and write a report, did NAMA do a good job in the sale to maximise the interests of the taxpayer in the price it had achieved?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: I asked specifically about the deal, although I appreciate what the Minister set out in general.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: The Minister has stated NAMA did a good job. In his mind, is there no probable loss?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: That is why I am exploring it with the Minister for Finance.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: That is fine. As such, in the Minister's opinion, there was no probable loss.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: In his assessment the Minister has said he is keeping an open mind. At this point in time he does not believe there is a probable loss.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: When Frank Daly phoned the Minister about the PIMCO withdrawal and the Minister discussed it and the reasons for the withdrawal with Mr. Daly, did Mr. Daly assure him that there was a proper pathway for a competitive process to proceed?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: In respect of the process-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: There are many other questions-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: -----in respect of the record-keeping of NAMA-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: I think Mr. Daly did say that last week. He acknowledged that NAMA did not have a proper minute of that, and the Comptroller and Auditor General report-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: I do not think there is even a minute of the change of direction.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: I also ask the Minister-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: There was no detailed record in that respect.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: In summation, then, the Minister has said it got a good deal, that it was not realistic to kick it out to 2020. He stands by its position, so to help me make my summation: does the Minister stand over what NAMA has done?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: From Europe?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: On that we can agree.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (6 Oct 2016)

Shane Cassells: That is fair enough, but in reflection, from the Minister's position, looking in and analysing this, does he find it strange that there are no minutes recording the change of tack and direction regarding the disposal of the portfolio? I ask him his opinion, again, just to inform myself. Does he find it strange?

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