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:

It related to all of the assets. It was our interaction. Obviously, we - our case management teams - interact directly with the debtors and those debtors had portfolios of assets. Some were located perhaps, in the context of Project Eagle, in Northern Ireland. Others had assets in different jurisdictions. I certainly had experience of some of the case management teams that Mr. Moriarty and I would have managed and which would have been presenting papers to us. We could see there were missed milestones. There certainly was a history of recalcitrant debtors where there was dragging of heels when it came to sales and the assets were not put on the marketplace. On cash generation, they just did not compare when it came to the cash generation that was happening with the debtors that we managed down here. There were very difficult tough negotiations with many of these debtors.

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