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
Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source
That is reflected. Given the nature of the sales process NAMA had adopted, it did not allow for exclusivity, but it certainly narrowed the field and went some way at least towards meeting that demand. Let me explain why I am putting this to Mr. Daly. NAMA stepped outside its own established procedure in a two-stage sales process which was established for dealing with assets worth €50 million and more. It appointed loan sale advisers, but it seems it only gave them a verbal briefing and a very limited role. It included not inviting them to carry out the valuation process. It gave them instructions that it would be a focused and "time-limited" process. I accept that other bidders were invited and participated, but that is certainly bespoke and represents, if not exclusivity, a very significant shift from NAMA's established practice and a narrowing of the process.
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