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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: What of the information before they left?

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: Had Brown Rudnick, other than with Project Eagle, dealt with NAMA before in Northern Ireland?

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: Brown Rudnick quoted expertise in dealings with NAMA.

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: No, it said with NAMA. Go back and read what was said.

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: To what were they referring?

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: That was Morgan Stanley, not Brown Rudnick.

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: How can Brown Rudnick represent themselves as having worked with NAMA-----

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: -----when they were trying to get in with Cerberus?

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: Is that correct now?

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. McDonagh has just said no doubt that he said he did work-----

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: Representing the firm-----

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: NAMA got that e-mail on 4 April from Brown Rudnick.

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 all at a disadvantage because we do not have the e-mail. In that document, Cerberus is saying to Mr. Daly that it had engaged Brown Rudnick on the basis that it believes Brown Rudnick had some dealings with NAMA. Mr. Daly is now telling me that Brown Rudnick had not had dealings with NAMA but that one person in the firm might have done so in a pervious existence. Mr. Daly knew 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: Does Mr. Daly understand my line? This is only opening up because he is reading out this e-mail. The e-mail is giving rise to more questions. I will allow Deputy McDonald to contribute in a moment. What I am saying is that Mr. Daly was aware that Cerberus believed that Brown Rudnick had dealings with NAMA? Obviously, that excludes the PIMCO dealings because it cannot be referring to them.

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, but Mr. McDonagh knew it was not the case and continued then for the letter of undertaking.

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 there an obligation on the people who were bidding to inform NAMA who they were working with? Would that be normal practice?

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: Yes, but it is normal.

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. It would be good practice that NAMA would know the identities of the legal, financial or property advisers to Cerberus or any other organisation. Cerberus kept NAMA in the dark during this process about the fact that it had engaged Brown Rudnick.

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: So, NAMA did not know.

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: Pardon?

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