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

Photo of David CullinaneDavid Cullinane (Waterford, Sinn Fein) | Oireachtas source

It spoke about the aim of the updated strategy:

The aim was to protect and enhance the value of property assets in Northern Ireland by maximising rental income, dispose of the property in the medium to long term (2014 to 2017), prioritise the disposal of grade A commercial property in Belfast, explore opportunities for the block sale of multi-unit properties, subject to a critical assessment of value relative to individual sales.

We know that when he was before the committee relating to the Good Friday Agreement two and a half years prior to the completion of the Project Eagle sales process, Mr. Daly said there would be no fire sale of assets. Two and a half years later, everything was gone. On what is contained in page 33, in Mr. McCarthy's view, what is the difference between that and the shift in sales strategy that did occur? When he makes the assumption and finds that there was a change in sales strategy and that it was restrictive in terms of marketing, the number of bidders, information to bidders and so on and questions whether it was a truly open process, the timing of it, the scale of it and so on, where does that sit with the strategy as outlined on page 33?

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