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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: You were an executive 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: That is fine. People might not have known the difference.

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. Mulcahy cannot give any specific, confidential or commercially sensitive information.

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: That is a question on the description of Mr. Mulcahy's job rather than specifics.

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: It is 11 March.

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 second meeting.

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: Page 118.

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 will ask Deputy McDonald to let Deputy Aylward in.

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: Before I call Deputy Aylward, I want to put one question to Mr. Corrigan. Page 118 of the report made it very clear. The minutes state that, "in response to a question from the Board, it was noted that, notwithstanding the premeditated fee-sharing arrangement that had been put in place by PIMCO, the catalyst for disclosure of the arrangement to NAMA was allegedly the insistence of PIMCO's...

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: That is what it is saying. It is saying it never agreed to it.

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 minutes are telling the board members that there was an arrangement.

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: Page 118 of the Comptroller and Auditor General's report. I know Mr. Corrigan did not write the minutes but there seems to be a direct conflict.

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: My point is that the phone call seems to indicate the fee arrangement and the board minutes record that a fee arrangement had been put in place by PIMCO. PIMCO's letter to us last week stated that it had been approached twice about this fee arrangement but never agreed to it. PIMCO saying it never agreed to this contradicts what the board members were being told. The board was told it was...

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 cannot comment. I just want to point out that as a result of the extra letter we received, we are discovering conflicting information at this point. We mus tease it out further but on the face of it, there is a conflict between PIMCO's letter to us and what Mr. Corrigan understood and recorded-----

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 do not think there are any loose words in PIMCO's letter.

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 minutes of the board are based on the phone call, which the legal people-----

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 not disputing the accuracy of that. At the point where a conflict of evidence exists, we must return to it.

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 will give Ms Finan time for one quick response.

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 will go back to Deputy Aylward. Ms Finan's point is note. We have spent several hours on that topic.

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 Aylward is in possession.

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