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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 (29 Sep 2016)

Seán Fleming: Will Mr. McDonagh pass his note to the committee secretariat who will arrange to make a copy for distribution? It will be on the record later but we had not seen that bit before.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Mr. Daly is ad-libbing for a moment.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: We do not have it in front of us, so just-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Mr. Daly is after throwing figures at us. We are not disagreeing. We will give him everything.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I can understand you want to comment. Are they handwritten notes or are you just ad-libbing?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Then Mr. Daly will have to go slowly to allow people time to jot down what he is saying.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I am going to be very fair to the witnesses and the members. I will allow the chairman to read his opening statement as presented, but I will also allow him the opportunity, as a result of this morning's meeting, if there is something he also wants to include in his opening statement, to give it verbally. It would have been better if we had had a copy of it so that we could read it. In...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I ask Mr. Daly to give me a moment while I clear it with the committee members.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: He will later, certainly. I ask Mr. Daly to go slowly in order that we have time to jot down what he says.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I ask him to go through those figures again. I am sorry about that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: delete this

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: We are back to the opening statement.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I thank Mr. Daly. The members have indicated in the following sequence - Deputies McDonald, MacSharry, Kelly and Madigan. I ask others to please indicate so that the clerk can take a note. As Chairman of the Committee of Public Accounts I must ask NAMA the following. NAMA has criticised the Comptroller and Auditor General because he had no credible market-based evidence. In other...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Was that information made available to the Comptroller and Auditor General?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Fine.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: We will come back to the point that valuations were available.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I did not sense that in any of the documents that we have received up to now. I will move on. My next question is on Appendix D, on page 162, but the witnesses need not go there. It is about what NAMA supplied about purchaser discounts. Does NAMA consider Project Eagle a non-performing loan portfolio?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Even though payments were being received.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: I am asking the question.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Seán Fleming: Right. Will NAMA accept that the document talked about purchaser discount and that is relevant to the purchasers?

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