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

Photo of Seán FlemingSeán Fleming (Laois, Fianna Fail) | Oireachtas source

-----and then £74 million came out for some reason, so there was a revised minimum value and you got your amount. I am referring to pages 99, 100 and 101 in the Comptroller and Auditor General's report. Appendix A states, and it is minuted in your board meetings, that before the cheque was handed over Cerberus tried to get a few bob off the final bid. The NAMA board responded, and it is minuted, that there were gains from the board's perspective. You personally as board directors, not other people, came to the view that there were gains on asset sales due to close of potential benefit to Cerberus of £14.1 million that had not been priced in the bid. It is on page 99. On the next page NAMA makes the point that there are potential surplus proceeds on asset disposals of a further £8 million for which Cerberus did not pay NAMA. Further down the page there is reference to cash deposits, relating to some account that was being offset against a loan, of £6.2 million which Cerberus got but which NAMA felt was its property. In addition, there is reference to assets of £5.3 million omitted from the bid list which Cerberus got and which NAMA had not included in the list. On the next page there is reference to deferred consideration of £1.75 million for another item. All of that amounts to £35.3 million which the board members of NAMA are minuted as saying they wanted back from Cerberus, as NAMA was owed it. The last sentence on page 101 is: "NAMA has stated, in March 2016, that it is seeking to recoup these amounts from Cerberus." Have you got any of the £35.3 million back yet?

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