Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I return to Project Redwood. I am sure Mr. O'Keeffe reads all these press articles. On 23 February the Irish Independenthad an article which stated:

AIB has selected three distressed debt funds for the final round of bidding on its sale of soured commercial and residential loans, once worth €3.7 bn.

The Irish Independent understands Lone Star, Cerberus and Goldman Sachs outmuscled private equity rivals such as Apollo and Oaktree to clinch a position in the last phase of the race, which was launched last year and is referred to as Project Redwood.

No traditional banks made the cut, underscoring the lack of interest in these assets from this corner of the market.

AIB [...] is understood to have imposed tough sale conditions, with the successful bidder required to own a regulated lending entity in the State.

That is a pretty informed person, unless they made it up.