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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) (24 Nov 2016)

Catherine Connolly: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Even knowing what is known now, that it left PIMCO and the very next day went to Brown Rudnick?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: That is right. The others moved.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Clients move from solicitors all the time. That is correct. In this situation PIMCO withdrew under a cloud. There is a disagreement between NAMA and PIMCO as to the nature of that, although the record is quite clear, I think, that PIMCO sets out that it brought it to NAMA's attention. There is a different context here of a solicitor moving on, from the bidder that withdraws under a cloud...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Is that written in there?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: I do not know where that distinction came from.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: As legal people, would it not have occurred to them at the time to ask Cerberus about Brown Rudnick?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: What date?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: It comes as a shock to me that Mr. McDonagh met with Fortress on 25 March. He said they talked about anything but a bid.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: I heard what Mr. McDonagh said but it comes as a shock to me. I will have to think about that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: That is correct. Mr. McDonagh met him with Mr. Hanna and Mr. Collison. It certainly comes as a shock to me to hear this late in the evening, that such a meeting took place when there was an active bid process in place.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Are minutes available for the meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Does NAMA have minutes of the meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Does Mr. Collison not think that would be important?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: Does Mr. Collison think it would be important to have minutes of that meeting?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: The whole report is about the process - trust and reassurance and the integrity of the process. That is what this is about. Now I hear that three gentlemen from NAMA met with Fortress on 25 March. I will leave it at that. Is Mr. McDonagh aware of meetings Mr. Hanna had with anybody? Did he meet with Fortress, Cerberus or anybody else?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: "Not during the bid process, that we do not know about." I do not understand that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: My question was simple, did Mr. Hanna meet with Fortress, Cerberus or any of the bidders?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Catherine Connolly: This is my train of thought at this time of the evening. Were the meetings that we have now learnt about included in the report of 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 (Resumed) (24 Nov 2016)

Catherine Connolly: My question as a member-----

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