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:

Paramount. In truth, the other thing we were going through when the PIMCO expression of interest was manifest was that we were just doing our year-end impairment in respect of the portfolio in Northern Ireland. In 2013, we put through an impairment on the portfolio. The minutes from the latter end of 2013 indicate we expected a further deterioration in 2014 regarding that portfolio. Clearly, we believed we would have a further impairment on the value of the Northern Ireland portfolio beyond the year end, 31 December. That was central to our decision-making.

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