March 19, 2020
Errors, poor analysis and a lack of a competitive marketing process by NAMA may have cost the taxpayer millions – David Cullinane

David CullinaneSinn Féin TD for Waterford and member of the Public Accounts Committee David Cullinane has described the publication of a report by the Comptroller and Auditor General Séamus McCarthy into the Project Nantes Loan Sale as a case of déjà vu and deeply troubling.

The loans in Project Nantes were part of a bigger portfolio of loans with a combined par value at acquisition of €489 million.

Speaking today Deputy Cullinane said:

“The publication of this report is a case of déjà vu and is deeply troubling. The report found that errors and poor analysis by NAMA meant that the proceeds for the project were significantly lower than they should have been.

“The report concludes that had the full scope of the loan portfolio been consistently and accurately reflected in the NAMA target, the residual amount to be achieved through the loan sale would have been €29 million more than was achieved.

“The report also finds that a failure to secure independent current asset valuations prior to any disposal and the absence of a competitive marketing process resulted in the C&AG concluding that there is no basis to say that NAMA achieved the best possible financial out-turn from the loan sale.

“We have been here before with Project Eagle. We are here again with Project Nantes.

“It is remarkable that the C&AG’s look back at two NAMA loan sales has shown a disregard for competitive sales and marketing processes as well as alleged errors in securing accurate and independent asset valuations.

“As with Project Eagle, the C&AG is unable to conclude that NAMA achieved the best possible sale value and as a result, the best possible return for the taxpayer.

“This report will need to be carefully considered and acted upon.”

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