Mr. Brendan McDonagh:

What can we do? We could not sell the assets. We could not get a sales agent. As the Comptroller and Auditor General said earlier, there is local knowledge here about these assets and they decided that nobody wanted to touch them. How could we get them sold? If the Cathaoirleach or anybody else can tell me how we could have sold these assets in any other way, I will be delighted to hear it but we could not.

There was a meeting with the NAMA debtors in June 2020 at which the debtors made an offer to settle their obligations regarding the two companies for €265,000 and NAMA would release the security over the collateral. A relative of the debtor agreed to fund the transaction. NAMA records state that subsequently the debtor's solicitor informed NAMA that the preference was for the relative to purchase the loans through a newly incorporated company. I know that was elevated to board level because it was unusual. As head of the board, Mr. Williams will know that. Mr. McDonagh was at that meeting with three of his officials. The debtor was in the room with them because the meeting took place with the debtor. At the meeting, the debtor made the offer to settle the obligations of the two companies. Is that correct?