Oireachtas Joint and Select Committees

Thursday, 30 September 2021

Public Accounts Committee

NAMA Financial Statement 2020 and Special Report 111 of the Comptroller and Auditor General

9:30 am

Mr. Brendan McDonagh:

With regard to that site we inherited, there was a legal dispute already going on between the debtor and the OPW at the time. The OPW had to go into a settlement agreement with the debtor. At that stage, it was always up to the OPW if it wanted to make an offer to purchase the site. It did not, for whatever reason. Obviously, as a consequence of that I think the site was ultimately acquired by Hibernia REIT. It is going to develop that site and the OPW has arranged to build a new Garda headquarters or operation on Military Road. That was something that was outside our control. As with anything, if a State body expresses an interest in acquiring a site we do our best to facilitate it, and it acquires it at whatever the independent market value is. We have done that many times over the lifetime of NAMA.

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