Oireachtas Joint and Select Committees

Thursday, 24 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 Seán FlemingSeán Fleming (Laois, Fianna Fail) | Oireachtas source

The restrictions - a limited number of bidders and the one phase of bidding, that there had to be cash up front, confidentiality attached, people were not allowed to get local valuations, limited information was available to perform due diligence, the restriction on advisers and the time restrictions on the process - could only have reduced the possible price that NAMA could achieve. Had NAMA sold the loan book without these restrictions, it could have achieved more. They must have had an impact on the price. NAMA must demonstrate to us that it got value for money for the Irish taxpayer. The restrictions impacted on the possible value that NAMA would have got. Can NAMA demonstrate to us that it got value for the Irish taxpayer in this transaction? How can it do that?

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