Oireachtas Joint and Select Committees

Tuesday, 22 November 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. Patrick Long:

PIMCO told us it had decided not to continue in the process and that it did not want to buy the portfolio after all. That was it, and that is what we told Fortress and Cerberus. As it happens, it was wrong, although we were not aware of it at the time. As I said earlier, it was consistent with the reasons for which other participants had left the process.