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. Brian McEnery:

I hope this is useful to the Deputy, but what was critically important was that NAMA did not allow somebody to come in and determine the price. Before we had engagement around taking this sales process further, we set, based on the analysis of all the cashflows we would have out and looking at the impairment for 2013, looking at the valuation of those and discounting them back, what we determined was the price we believed we needed to achieve, and that was €1.3 billion. That is the starting point from NAMA's perspective, not whether somebody was willing to pay €1.1 million or €1.-----

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