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Public Accounts Committee: Business of Committee (29 Sep 2016)

Catherine Connolly: Great. Thank you very much.

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

Catherine Connolly: I thank Mr. McCarthy. Has he ever been challenged about any of the reports he has produced previously in the manner in which he has been challenged publicly by 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)

Catherine Connolly: I will come to that shortly. The opening statement from Mr. Brendan McDonagh today puts it in a nutshell. It states that the witness had a misplaced attachment to an accounting value rather than to the real accounts in the market. I will return to that. There is no doubt about what NAMA thinks of the witness's assessment. Mr. McDonagh believes that the Comptroller and Auditor General's...

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

Catherine Connolly: I wish to clarify that. Is the witness saying that NAMA had no property valuations that his office could examine and on which it could comment?

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

Catherine Connolly: What property valuations was it using?

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

Catherine Connolly: We will return in detail to the figures. I am just seeking to outline what NAMA is saying and what the Comptroller and Auditor General is saying in return. The witness has been very clear in his report. When NAMA says the Comptroller and Auditor General did not get any outside advice, Mr. McCarthy is responding that NAMA did not get any outside advice at the time and did not value. Is...

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

Catherine Connolly: That is the first matter.

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

Catherine Connolly: I understand that. We will get an opportunity to return to the detail. Second, NAMA states repeatedly that the Comptroller and Auditor General sought external advice because he recognised that he did not have the expertise for this project. Am I correct to understand from Mr. McCarthy's statement today that this is not correct and that it was in a general nature that he was seeking...

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

Catherine Connolly: Did Mr. McCarthy seek advice and outside assistance in respect of that general work programme?

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

Catherine Connolly: NAMA criticised the Comptroller and Auditor General for not engaging with them on a reasonable basis. Will Mr. McCarthy clarify the process of engagement with the agency from the beginning of this report?

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

Catherine Connolly: When was 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)

Catherine Connolly: Did all of those drafts go to 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)

Catherine Connolly: Did they go to the Department of Finance?

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

Catherine Connolly: So drafts 1 and 2 went to NAMA only. Were they allowed to comment on both of those and recommend changes?

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

Catherine Connolly: Did Mr. McCarthy's team take on board those changes?

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

Catherine Connolly: Was there an active engagement 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)

Catherine Connolly: Was NAMA unhappy from day one with the statement of facts?

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

Catherine Connolly: They were unhappy?

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

Catherine Connolly: NAMA got expert advice from four experts, which they say backs up their figures. When was that expertise procured or 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)

Catherine Connolly: Who was that from?

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