Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014

9:30 am

Mr. Brendan McDonagh:

No, I do not accept that. We took advice from Lazards at the time and asked it whether, following the withdrawal of PIMCO, there was still sufficient competitive tension regarding who could buy the portfolio. Lazards advised us that there was sufficient competitive tension remaining and both Fortress Capital and Cerberus were very eager to acquire this portfolio and would bid competitively against each other.