Oireachtas Joint and Select Committees

Tuesday, 28 May 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Matters Relating to the Banking Sector (Resumed): Pensions and Investment Research Consultants Ltd

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Mr. Cormac Butler:

I will give a simple example that is the same as Project Eagle, NAMA's Northern Ireland property loans portfolio. A bank has a portfolio of €1 billion in loans. That is written down to €380 million and sold to a vulture fund for €400 million.

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