Oireachtas Joint and Select Committees

Thursday, 26 September 2013

Public Accounts Committee

Annual Report and Financial Statements 2012: Discussion with National Asset Management Agency

10:50 am

Mr. Frank Daly:

On the other point, if I may, in relation to where the next 25% will come from, it is not just the fact we have sold so much of the overseas assets, we have got a very good return from those sales which in turn is enabling us to invest in our Irish assets, so that by the time we put them on the market, they will be much more valuable. That is where the blend will come from in the next 25%. It is the market itself improving, investor interest increasing, but it is also the wherewithal we have, coming largely from the UK, to invest in our Irish assets, so that by the time the assets come for sale, they will be much more valuable. All of that will contribute to the 25%. As the CEO has mentioned, the location of our assets in Ireland is very important.

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