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

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

I refer to the exclusivity of the offer to Clairvue. This is something that when it arises in practice always raises questions not just in respect of NAMA but also other bodies. If one is bringing a car for which one paid €4,000 to a car auction, and the first person one meets inside the gate offers €4,000 and one decides to take it and go home, it would not be good practice, particularly if there were potentially other buyers. Has the board ever discussed loans being offered exclusively to one body such as this? Why were the loans not advertised in the normal fashion? I heard the CEO's answer on that, but would it not have been better that they were advertised, at least? There were a number of months involved. There was no independent valuation. Would it not have been advisable to seek a valuation?


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