Oireachtas Joint and Select Committees

Thursday, 29 September 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle

9:00 am

Mr. Brian McEnery:

One has to have a purchaser. If one is going to sell, one has to have a purchaser. One will not sell if one does not get it somewhere into the market range of where a purchaser will buy. The clear alternative was that we would work out those assets to 2020. If we cannot make a sale because a purchaser will require at least a 10% discount, then we were not going to make a sale and Project Eagle could not have happened as a bulk loan sale. That is the fact of it. In saying that a purchaser was going to apply a discount of at least 10% means that we could not have sold it if we did not price in at least that 10% discount. It is the flipside. It is the two sides of the one coin.

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