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

11:30 am

Mr. Brendan McDonagh:

That relates to the management of the assets. As I said at the start, these assets were involved in very complex financial structures in the way they were set up. Clairvue took the view that it needed people in Avestus to help it to unwind the assets as they were sold over time and it paid Avestus an asset management fee to help it to realise these assets over time. Avestus was not going to benefit from any profit but it is going to get an asset management fee on the back of managing the assets.