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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)

Seán Fleming: It was not a factual statement.

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)

Seán Fleming: People might think that we are talking about the number of angels on the head of a pin, but this is what NAMA has gone to war about, if the witnesses do not mind me saying that. The Comptroller and Auditor General never said "would have". He was not definite.

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)

Seán Fleming: 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)

Seán Fleming: More likely.

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)

Seán Fleming: I would be delighted to hear 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)

Seán Fleming: I know.

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)

Seán Fleming: It is the Comptroller and Auditor General's prerogative to write his report.

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)

Seán Fleming: We understand.

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)

Seán Fleming: NAMA accepts that it does not have a veto on the wording of a 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) (24 Nov 2016)

Seán Fleming: I will suspend.

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)

Seán Fleming: Page 50.

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)

Seán Fleming: I will ask the witnesses to think about my next question over the break, although they might not have an answer. Mr. Daly stated: "According to the Comptroller and Auditor General report, this loss could have been avoided". Could any other formulation of that sentence take some of the heat out of the debate? I will ask the Comptroller and Auditor General after the break whether he could...

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)

Seán Fleming: One issue.

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)

Seán Fleming: Okay.

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)

Seán Fleming: The point is well taken. It is one of the minor points that ultimately we will have to deal with, but it is not the fundamental point.

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)

Seán Fleming: We will adjourn for lunch for one hour. It is now 1.30 p.m. and we will resume at 2.30 p.m.

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)

Seán Fleming: We are back in public session. Before we move on to Deputy McDonald, who is the next listed speaker, we will deal with one or two items which the Comptroller and Auditor General was asked to clarify earlier.

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)

Seán Fleming: The public, but not necessarily members of this committee, has the impression that NAMA sold the assets off and that the Comptroller and Auditor General is recommending that NAMA should have held them for the longer haul.

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)

Seán Fleming: This is what I want to clear up although I am quite clear on it. People believe NAMA got the price it got and that this was the outcome. There is a suggestion in the public mind, or at least out there in the ether, that the Comptroller and Auditor General is saying NAMA should have gone the other route. He was never making a recommendation on which route NAMA should take.

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)

Seán Fleming: What he was doing was saying that if NAMA took option A, which was to sell off the lot, or took option B, its own option, which was its original strategy, there would have been a different outcome based on the discount rate.

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