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:

It advised us on this on competitive tension. I have just been handed the figure in regard to the amount of money that Cerberus and Fortress would have spent on due diligence. They would each have spent between €3 million and €5 million. That is a huge amount of forensic, rigorous examination of the portfolio. I am not surprised that two or three of them pulled out. Just as in other portfolio sales by NAMA and the banks and other institutions, people come in, do some due diligence and pull out because it is not for them. I think that if the Deputy is advancing the theory of a grand coincidence here, it is not that.

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