Oireachtas Joint and Select Committees

Wednesday, 15 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John Corrigan:

I believe it was an auction process, Deputy, and in the, the NAMA bonds, the bidders were required, again to the best of my recollection, to bid 98.5% for the NAMA bonds because that was the rate at which they were then being discounted by the European Central Bank as collateral for liquidity. There were five institutions bid in one case, and three institutions bid in the other and the AIB was ... won the competition for the Anglo deposits and IL and P for the INBS. I think in the case of the INBS, I think there were five bidders and I think in the case of Anglo there were three but I'm not entirely sure. But, as I said to ... in response to a previous question, I wasn't intimately involved, but, I mean, there was ... it would have been a tender competition that was run internally and would have been overseen by an internal panel within the NTMA with appropriate external input.

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