Oireachtas Joint and Select Committees

Thursday, 10 November 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

9:00 am

Photo of David CullinaneDavid Cullinane (Waterford, Sinn Fein) | Oireachtas source

I am very conscious of the clock. The question is about the probable loss. Ms Nolan said she had a difficulty with it given that it is not a loss that someone is willing to pay. This is not something the Comptroller and Auditor General would disagree with and he does not argue against it. I am trying to get Ms Nolan to accept that the probable loss of the €190 million is in reference to the change in sale strategy from an asset sale worked out over time to a loan sale in which a market discount of 10% was applied. This is where the probable loss is referred to in the report. Will Ms Nolan at least accept that this is what the Comptroller and Auditor General is saying in his report?

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