Oireachtas Joint and Select Committees
Thursday, 16 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Paul Gallagher:
No, in fairness, the documents were there. But, I mean, I think as NAMA said, one of the problems was a lot of the security documents were just never there. They weren't in place, they hadn't been properly signed off and that, of course, had a big impact on the value of the assets NAMA was purchasing. And that is part of the explanation for the larger haircut than was anticipated.
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