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:

There was a memorandum of understanding or letter of intent - I do not know what term was used to describe it - that suggested there was going to be some post-sale arrangement with the debtors if, for example, PIMCO was successful with the acquisition. We had no knowledge of that until we heard about it when it was referenced at one point. We were certainly not going to be party to that. There was no debt compromise and no forgiveness of guarantees. We sold the security in its entirety with all the charges over the property and all the guarantees.

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