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Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Yes.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I agree.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Yes.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Seriously, would Mr. Daly describe that scenario as competitiveness?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: That will arise later.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I want to talk to Mr. Daly about this matter.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Mr. Daly's entire logic, that he has presented consistently-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: -----for motoring on with a bidding process that had been corrupted-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: -----with the goings-on around PIMCO.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: The bidding process had been corrupted.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Mr. Daly explained several times his decision to move ahead rather than to abandon what had become a corrupted process and start again, which would have been the correct thing for him and the Minister, Deputy Noonan, to do. His rationale was that a competitive tension still existed that would allow for the best return for the taxpayer in the final analysis.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I am saying, and I am not the only one saying it, that looking at those figures I do not see the evidence of that. Others have gone further than that. Mr. Bryson, to whom Mr. Daly referred earlier, in the course of his evidence to the committee in the North that Mr. Daly refuses to attend, speculates as to whether Fortress was, to use his terminology, a stalking horse. That is his...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: To sum up, as far as Mr. Daly is concerned, there is nothing to see here. The process was run well, the committee was unproblematic, people should move on and there is nothing to see.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: That is what I hear from Mr. Daly and it is extraordinary.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Mr. Daly takes absolutely no responsibility for the flaws and the lack of management on the sale side. That is incredible.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Mr. Daly referred earlier to the redactions of the minutes he provided to the Northern finance committee. There are three such redactions, on 27 June 2011, 18 October 2011 and 10 December 2012, of disclosures of interests made by Mr. Frank Cushnahan. I do not know if Mr. Daly can tell us here and now what those redactions were. If he cannot, I ask that he provides us with the unredacted...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Why would that be?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: I would remind Mr. Daly that a lot of play has been made of the fact that we have jurisdiction and that he is answerable to us. He sent these minutes in the first instance to the Northern committee, which does not have jurisdiction.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: Given the content of this controversy, it is entirely unacceptable that those disclosures of interest are redacted in respect of Mr. Frank Cushnahan.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (Resumed) (1 Oct 2015)

Mary Lou McDonald: What would the nature of the disclosures have been, then, to make the disclosing of them illegal?

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