Michael McGrath (Cork South Central, Fianna Fail)
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115. To ask the Minister for Finance the purpose of his meeting with a company (details supplied) the day before the closing date for bids on NAMA's Project Eagle; the matters discussed at the meeting; his views on whether the meeting was appropriate; and if he will make a statement on the matter. [7792/17]

Michael Noonan (Limerick City, Fine Gael)
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I would remind the Deputy that I made him aware of this meeting in my response to his Parliamentary Question 293 of 14 July 2015, which is available on the Oireachtas website.

The Deputy will also be aware that I provided records relating to these meetings directly to the Committee of Public Accounts in my correspondences of 3 November 2016 and 8 December 2016 respectively. In addition, the records relating to this meeting had previously been released under the Freedom of Information Act in November 2015. 

For particular details of what was discussed at the meeting, I would refer the Deputy to the note of this meeting with Cerberus which is publically available on the Department of Finance website:

I, as Minister, and my Department refute absolutely the validity of any suggestion that I or my officials acted inappropriately in meeting with Cerberus in March 2014. It is entirely appropriate that I, as Minister for Finance, would meet with the Chairman of a major international investment fund and former US Secretary of the Treasury, at his request whilst he was in Dublin on business.

As the published documentation confirms, the meeting was arranged at the request of Cerberus and was high level in nature. It would be very unusual and indeed inappropriate for any Minister for Finance not to meet with such individuals and firms. I have had many similar meetings in the course of my ministerial duties. It is also entirely appropriate that my officials would meet with representatives of firms who have a general investment interest in Irish assets.

The Deputy will be aware of the clear legal separation between the Minister for Finance and NAMA's commercial operations. My meeting with former Secretary John Snow and my officials meeting with Cerberus representatives in March 2014 did not alter the fact that neither I nor my officials were involved in the Project Eagle sales process. As is well established, I was generally aware that the Project Eagle process was underway and Cerberus did inform me and my officials, at those meetings, that they were interested in the portfolio. This was the extent of engagement on the matter and the meeting record clearly states that any specifics of the sale should be discussed with NAMA: "[Secretary Snow] noted that they have interest in NAMA's Project Eagle. It was also noted that they would be meeting NAMA later that day to discuss their interest. Secretary Snow mentioned the process letter from NAMA but it was suggested that it would be most appropriate to discuss that issue at the NAMA meeting".

Aside from the brief reference to Project Eagle outlined above, the Deputy will note that other high level discussion points related to Cerberus' general activity in Europe, the recovery of the Irish property market, recent capital gains changes and the Single Resolution Mechanism in the Eurozone.

I would expect that the Deputy, and any reasoned observer, would not find any of these discussion points either surprising or inappropriate.