Oireachtas Joint and Select Committees

Wednesday, 2 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael Walsh:

Well, sorry, that actually depends and it depends on what was actually transferred. Secondly, there was a liquidity management exercise done of approximately whatever, you know, €300 million. But, all that being said, whatever the number - and there was a number there and nobody doubts that - no number is actually acceptable. I think the other factor that you need to take into account - but, as I say, no number is acceptable - is what was actually realised subsequently in the context of, you know, the loans that were transferred across to NAMA. I don't know the answer to that; I can only surmise. But, you know, as I said to you before, you know, in 2010 in April, you know, the board confirmed that they had done a very detailed analysis and come up with a valuation. Less than six months later they effectively, you know, reduced the value of those ... or accepted a value for those loans of-----

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