Oireachtas Joint and Select Committees
Wednesday, 9 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Denis O'Connor:
Correct. We looked at the loan files but security is not kept on loan files. Security is a separate issue completely and we did not look at security under any files. That was part of the legal process that happened and that really wasn't identified until NAMA came into being and they transferred the loans from the banks to NAMA. And as part of the legal due diligence it was found that the security assumption was totally flawed.
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