Oireachtas Joint and Select Committees

Tuesday, 25 October 2016

Public Accounts Committee

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

10:00 am

Mr. Donal Rooney:

NAMA managed its currency risk at a macro level. NAMA looked at its overall book and its overall sterling exposure and then put in place hedging at a macro level to manage that exposure to the extent that if we sold our sterling book, our hedges would have fallen away as well. It is fair to say that our foreign exchange risk was managed separately so it was not a key driver behind the decision to sell.