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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: That is the letter I mentioned.

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 went to-----

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: Did it go to the Minister for Finance, Deputy Noonan?

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: Grand. I noted the reference to the Minister, Deputy Noonan, earlier. Thank you.

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: Who is that?

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 need to allow Deputy Cullinane have his turn.

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: To help the Deputy, Mr. McEnery of the audit committee stated that he asked at the board meeting whether PIMCO was a Trojan horse for Cerberus.

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 how it was raised.

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 finished or did Deputy Connolly want to come in? Is Deputy Aylward finished his questioning?

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: Brown Rudnick and Tughans did not access the data room for Cerberus.

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: Yes.

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: Yes.

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 had access 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: It did, and the question is-----

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: Yes, but the question is that it gave an assurance that it had no contractual-----

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 cannot assume anything.

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: Take the 12 months in the lead-up to the bidding process commencing before the access to the data room. PIMCO had access to information the previous autumn, but this non-disclosure agreement, when Brown Rudnick was working for PIMCO outside of the data room during that sales process, the non-disclosure agreement did not-----

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: Exactly. Therefore, the information it had assembled over the previous 12 months would have been free to pass on to another party, in this case Cerberus, if it chose to do so, but not information assembled while Brown Rudnick was working for PIMCO after it signed the 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) (17 Nov 2016)

Seán Fleming: Wow.

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: Did Mr. Neporent follow that last point? There were a series of advisers, and the Comptroller and Auditor General says that any information Mr. Neporent's people had received in the data room or through a non-disclosure agreement, they were not free to disclose it to Brown Rudnick or-----

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