Oireachtas Joint and Select Committees

Tuesday, 18 October 2016

Public Accounts Committee

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

10:00 am

Mr. Oliver Ellingham:

By way of background, I spent 23 years of my life working in a bank buying and selling assets for corporations. It is normal in a process that is open to advertise it in The Irish Times. Anybody who wants to turn up to sign the bit of paper will, as long as they qualify, be given the book. We are talking about a select process where there were requests for us to be careful not to disrupt life in Northern Ireland by touting the assets around, while also ensuring we had a competitive process. A competitive process can be run very easily with just three buyers because, at the end of the day, if they are all fired up and motivated to buy the assets, they will bid against each other, provided the intermediary chosen makes sure to select three of the good buyers.

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