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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) (17 Nov 2016)

Seán Fleming: I am making a ruling, whether you like it or not. There will be no discussion on the Cerberus opening statement until the Cerberus delegates make it here this afternoon. I will rule you out of order and move on if you want to talk about the Cerberus opening statement.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: Mr. Corrigan was not at those meetings.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: Is Deputy Marc MacSharry talking about the guarantee being released by the purchaser or the seller?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: The Deputy phrased the question in such a way that it was NAMA that was going to release the guarantee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: He is actually talking about the purchaser of-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: From whom?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: For the Deputy's information, the chairman of NAMA addressed this question previously. He said the memorandum had no legal standing and no basis-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: He said the document had no legal standing or basis and was not worth the paper on which it was written.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: I just want Mr. Mulcahy to be aware of this because he would not have read all the transcripts. He gave no standing.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: The release of debtors by PIMCO, not by NAMA?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: Thanks.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: The Deputy must conclude.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: Are we talking about the loan sale or the sale of the property?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: Deputy Connolly is next.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: I am moving on now to Deputy Mary Lou McDonald. I want to make it clear that at the board meeting of 3 April when the Cerberus business was discussed, Mr. Corrigan was noted as absent. Regarding asking Mr. Corrigan about the discussion, when the Brown Rudnick matter came to light and the issues that emerged about that time, he was marked absent from the board meeting that, in essence,...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: I am reluctant to go straight through from 9 a.m. to 12.45 p.m. I am not going through a three and a half to three and three quarter hour session without a ten-minute break. It is unfair to witnesses and members. I will not go beyond that. I suggest we take a ten-minute break now and then let Deputy McDonald straight back in, or we can take her slot now and then take a break.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: We are taking a ten-minute break because it would be unfair to go from 9 a.m. to 12.45 p.m. without any break. Keep it to ten minutes. Do not wander off out of the building. We will be back in ten minutes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: As we are back in public session, the next speaker is Deputy McDonald.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: The Deputy stated that Mr. Mulcahy was head of asset management. Will he explain that as he was invited here as a board member?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)

Seán Fleming: The public will not-----

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