Oireachtas Joint and Select Committees
Thursday, 20 September 2018
Public Accounts Committee
National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
9:00 am
Mr. Brendan McDonagh:
A pragmatic view was taken at a political level. These were effectively fire sales of assets where it was necessary to remove them from the banks' balance sheets because they were too big. By paying this long-term economic value, which is the state aid, this would potentially be recovered over the ten-year life of NAMA, which has effectively been borne out.
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