Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I want to move on to page 152, part of appendix C and it is an important document. It is the summary of the bids received from Fortress and Cerberus. I refer again to the restrictions that NAMA placed on the bid before it got near Lazard. Page 152 of the report shows the prices and the fact Fortress did not meet the reserve price. On the same page, under the heading of financing, it shows that Fortress was not specific with regard to not having to obtain syndicate financing. At the bottom of the page it refers to conditionality and it states: "Fortress have refused to allocate their bid on an asset-by-asset basis ...". Therefore, Fortress did not meet the big conditions on the three key requirements of not reaching the reserve price, not satisfying the information required on the source of financing and in not giving a breakdown by assets.