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:
No, as I said in my opening statement, between 2012 and 2022, interest rates went down to close to 0%. There were loads of buyers in the market and they had plenty of money because people were looking to purchase. They were getting a 0% return on Government bonds, so they were investing in property. If we were trying to sell those assets today, we would get 40% or 50% less than what we got for them. We took full advantage, therefore, of the low-interest rate environment.
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