Oireachtas Joint and Select Committees
Thursday, 8 October 2020
Public Accounts Committee
Special Report 109 of the Comptroller and Auditor General: National Asset Management Agency
National Asset Management Agency - Financial Statements 2019
These are the facts as we know them. The Comptroller and Auditor General has suggested that the overall portfolio was undervalued to the tune of €29 million. There has been a suggestion that on the Nantes project a loss was incurred by the taxpayers in Ireland of €10 million. Mr. McDonagh is suggesting that it has only been €3.5 million. All of these things are possible but what I do not understand is the answer to his first question which is that he accepts and contends that this was actually a success for the agencies and for the Irish taxpayer. Whatever about laws being broken, bad practices were clearly employed. My fear is that NAMA is not as angry as hell about the fact that it has been played. A guy who was operating for a company that it employed was also a director of a company for somebody who is purchasing the portfolio that was for sale through a non-competitive process. At the end of the day the people who lost were the Irish taxpayers. I do not understand why Mr. McDonagh is not as angry as hell with this individual and the companies involved because they played NAMA.