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:

What I meant when I said the process was competitive was that there was competitive tension throughout the process which, I believe, had the effect of motivating Cerberus to put forward a bid at the highest level it was willing to pay. The process was competitive in that sense. Ultimately, we only needed one compliant bid because we only needed a single counter party to buy the portfolio.