Oireachtas Joint and Select Committees

Thursday, 29 September 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle

9:00 am

Mr. Seamus McCarthy:

Obviously, Project Eagle was the first big multi-debtor, multi-property portfolio it sold. When we looked at its operations in the section 226 report, and at that stage it was selling assets rather than loans, in the main, we found that it always used a competitive process or if it did not, it at least had a valuation. If, say, it was selling to another State entity, it got a market valuation of the property. It was either the sales process or the valuation that underpinned the value achieved in regard to those.