Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Paul Gallagher:

No, in fairness, the documents were there. But, I mean, I think as NAMA said, one of the problems was a lot of the security documents were just never there. They weren't in place, they hadn't been properly signed off and that, of course, had a big impact on the value of the assets NAMA was purchasing. And that is part of the explanation for the larger haircut than was anticipated.