Oireachtas Joint and Select Committees
Thursday, 8 October 2020
Public Accounts Committee
Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
11:30 am
Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source
I have some questions for the chairman of the board of NAMA. NAMA informed Avestus of the €125.5 million repayment target it aimed to achieve, and Avestus was given six months to meet that target. Despite the importance of that exchange, NAMA, as far as we can ascertain, did not document that communication process or put the proposal in writing to Avestus. As the chairman of the board, did you find it unusual that the offer made to Avestus was not properly documented or put in writing? Was that common practice within the organisation, particularly with a multimillion deal such as this? It was not documented and there were no minutes or any documents relating to that, as far as we can ascertain.
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