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Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Shane Ross: Let me ask this question. There were millions sloshing around the system. There was £15 million, one guy getting £5 million, there were all sorts of potential conflicts of interest happening here, there were political sensitivities, yet NAMA ploughed ahead and said, "Okay, we will take the Cerberus bid."

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Mr. Brendan McDonagh: PIMCO advised us that it was going to pay a success fee of €15 million to Brown Rudnick. Brown Rudnick was going to share that success fee with Tughans and with Mr. Cushnahan. There was £15 million and we understood there was £5 million each.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Shane Ross: So Mr. Daly thinks he was going to get £5 million. They were not paying that for a guy without any knowledge of what he was doing, were they?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Shane Ross: What were they paying him £5 million for?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Mr. Frank Daly: I will not speculate on that. What are they paying him £5 million for? One would have to ask PIMCO. One would have to ask elsewhere about that.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

Shane Ross: It is mind boggling that they would go and ask a guy to act for them and pay him an acquisition fee of £5 million if he was just an ordinary Joe Soap off the street who did not know anything about the property portfolio. He had an office-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2014 (9 Jul 2015)

...that he had received from a law firm, Brown Rudnick, in which Brown Rudnick indicated that clients of the company were interested in acquiring the Northern Ireland loan portfolio. In his reply on 25 July 2013, and after his Department had consulted with us, the Minister, Deputy Noonan, pointed out to Mr. Wilson that parties interested in acquiring NAMA loans or assets securing NAMA loans...