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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)

Alan Kelly: Let us stick to what I am saying here. Does Mr. Daly believe NAMA could have handled aspects of this better?

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

Alan Kelly: So NAMA would do everything the same way 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)

Alan Kelly: We are interested in the word "tweaking". What tweaking?

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

Alan Kelly: Will Mr. Daly provide examples?

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

Alan Kelly: We will leave the sales process. What examples of documentation can Mr. Daly give us?

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

Alan Kelly: Very quickly.

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

Alan Kelly: I am taking what Mr. Daly has to say as read. It is interesting that Mr. Daly says it because my next question concerns whether there was a belief that this was the right time to get out of Northern Ireland because of diplomatic requirements, political pressure, business risk and the lack of ongoing quality debtor engagement.

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

Alan Kelly: We cannot analyse that for the very reason mentioned by Mr. Daly, which is NAMA's weakness, because decisions are recorded in the minutes but there is a big gap as regards the logic the board used in respect of those four things I just outlined, namely, business risk, debtor engagement, political pressure and diplomacy. That is not recorded anywhere for us to see if it was the logic behind...

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

Alan Kelly: I am not saying that what NAMA did was necessarily wrong. What I am saying is that, in light of the minutes that are outlined, the committee cannot garner information on the decision-making process across those four variables because of the weakness outlined by Mr. Daly earlier.

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

Alan Kelly: We will move on.

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

Alan Kelly: To be honest, that is not the remit of this committee because we must study it from the time the decision was made so that comment is irrelevant.

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

Alan Kelly: Mr. Daly should follow my questioning. He has only a limited amount of time. In my opinion, it is irrelevant because we are analysing the decision at the time rather than post-----

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

Alan Kelly: So NAMA was able to predict the outcome of the referendum?

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

Alan Kelly: Mr. Daly should remind me the next time he is going gambling and I will seek advice from him. In respect of Mr. Cushnahan - a Walter Mitty-type character who makes a considerable number of appearances throughout in the documentation - did NAMA ever enforce on any of the six or seven debtors that Mr. Cushnahan was-----

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

Alan Kelly: How many?

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

Alan Kelly: When?

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

Alan Kelly: Out of the six or seven, were they significant players as regards-----

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

Alan Kelly: Did Mr. Cushnahan submit a statement of interests to NAMA on an annual basis, as required under the 2009 code of governance regarding State bodies? Did he do it each year?

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

Alan Kelly: Did Mr. Daly, as chairman, ensure that all procedures in place to protect against conflicts of interest under that code - sections 2.6, 2.7 and 5.5 - were adhered to?

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

Alan Kelly: Is Mr. Daly satisfied absolutely? Did he refer back to the compliance division in the NTMA at all times?

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