The Chair of the National Asset Management Agency has insisted that all discussions in relation to the sale of the agency's Northern Ireland loan portfolio were properly recorded at meetings of the board.

The CEO and Chair are back before the Public Accounts Committee to respond to questions that have arisen specifically in relation to board minutes.

Frank Daly told members this was NAMA's eighth appearance before the committee, and the fifth appearance by the CEO and Chair.

He said NAMA had responded to 2,000 oral questions and 100 written answers.

In his opening statement, Mr Daly said the committee had expressed surprise that the written notes used to prepare board minutes were not retained by NAMA.

However, he pointed out that the final agreed minutes are approved by the board and signed by the chairman, and these are regarded in law as evidence of the proceedings and of the decisions taken by the board.

"There can be only one set of official minutes of meetings," he said.

Mr Daly said the secretary disposes of the written notes taken during the meeting as they are no longer required.

"Once the minutes are agreed and approved, there is no reason why the Secretary's handwritten notes should be retained,” he added.

Fine Gael TD Josepha Madigan asked Mr Daly about the term 'official record’ and queried whether there was an 'unofficial record’.

Mr Daly said the term ‘official record’ referred to the obligations in law, under the Companies Act.

The committee is hoping to publish its report on the sale of Project Eagle on 19 January.

The committee's chair, Fianna Fáil Deputy Sean Fleming, also told members correspondence had been received from law firm Brown Rudnick expressing surprise and disappointment that a letter that had been sent to the committee had appeared in the papers, before the committee had considered it.

Mr Fleming said it was disappointing that some members had chosen to go down that route.