Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Two bidders were in the field at the end. We wrote to Fortress and asked for its rationale for making a bid below the reserve price. It stated that the bid process required an unconditional bid that "could not be syndicated or financed pre-bid".

I will cut to the chase. Only one bidder met the conditions of minimum price, cash up front and the breakdown. We must decide a question. NAMA provided us with several documents in the report on market value and various definitions, but they are all based on a well-designed sales process. It is not about a willing buyer, a willing seller and what the market offered on the day. It is about a well-designed sales process. That is fundamental. We must decide whether we believe it was a well-designed sales process.