NAMA statement on C&AG report20 Mar 2020
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NAMA statement on C&AG report
Thursday 19 March
- The report [page 11] confirms that NAMA made an overall profit of €68m on the sale of the Avestus portfolio.
- The report [pages 49 to 54] sets out NAMA’s position that the Project Nantes disposal obtained the best value for the State achievable at that time and includes [on page 53] NAMA’s calculations that support this analysis.
- The report [page 14] also states there would have been no guarantee that a better outcome could have been achieved if NAMA had set a higher target price for these loans.
- By achieving €210m from the Avestus loans, NAMA significantly exceeded the acquisition cost of €124m.
- The report [page 46] concludes that there is no reason to believe that there was any infringement of section 172 of the NAMA Act.
Issued on behalf of NAMA by Gordon MRM