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. Due diligence costs a lot of money when it involves any portfolio, certainly when it involves a portfolio of this size. It is not unusual for people bidding on portfolios to spend €1 million, €2 million or €3 million on due diligence. If they do not win the portfolio, they are disappointed because they have spent so much money. That happens in big asset and big portfolio sales.