Oireachtas Joint and Select Committees

Tuesday, 25 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. John Collison:

I can add to that point that some of the bidders who were involved in the Project Eagle process, some of whom even maybe withdrew very early or did not even enter the data room, confirmed to us that the timeframe and the size of the transaction appealed to them. They did not have a problem with the compressed timeframe. The bespoke process, in terms of a limited number of bidders, certainly appealed to them as well. They did not see a difficult in transacting within the timeframe or on-boarding a lot of these loans, which they would have had to do, and get a servicer in afterwards. There is a lot of debt related to these 900 properties. That did not faze them at all. In actual fact, it appealed to some of them.

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