Oireachtas Joint and Select Committees

Thursday, 1 October 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014 (Resumed)

10:00 am

Mr. Frank Daly:

One needs to go back to the fact that there were nine people involved. During this process nine people looked at this portfolio and all of them managing big funds and all of them whom Lazard, who was our adviser, thought had the capacity and possibly the interest in this portfolio. PIMCO pulled out for the reasons that we have spoken about. Six, sorry seven others pulled out for various reasons - not interested, thought it was too dear possibly, whatever. I do not know. The Deputy would have to ask them. Fortress and Cerberus were there at the end. They were very active in the data room, right to the end, looking at all of the loans, all of the debtors and all of the information that was put there. We had indicated to them, via Lazard, what our reserve price was. That is not unusual, Deputy, in a sale like this because what one does not want-----

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