Oireachtas Joint and Select Committees

Thursday, 28 September 2023

Public Accounts Committee

NAMA Financial Statements 2022 and Special Report 116 of the Comptroller and Auditor General

9:30 am

Mr. Brendan McDonagh:

I can give the Deputy some high-level information off the top of my head. We sold the loans relating to Project Jewel in 2015. We put them on the market, based on an independent valuation of €1.5 billion. The purchaser bought it for €1.8 billion which was great for the taxpayer who got €300 million more than the valuer estimated we would get. Project Jewel comprised three shopping centres and the site in central Dublin. The main shopping centre was Dundrum Town Centre. That was 100% owned by the debtor. The ILAC Centre and Swords Pavilions were only 50% owned by the debtor. The other 50% was held by the Irish Life Property Fund. Obviously, it contained a number of other assets around that, including the site that was being assembled by the debtor in central Dublin, that the Deputy referred to, which is part of Moore Street.

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