Dáil Éireann Debate, Tuesday - 15 April 2014
177. Deputy Pearse Doherty asked the Minister for Finance the number of bidders for the National Asset Management Agency's Project Eagle; the date the bidding process commenced; if he instructed NAMA to dispose of their entire North of Ireland portfolio; the criteria used to establish the successful bidder; and if he will disclose the ultimate price paid for the portfolio. [17549/14]
View answerThe sale of the Project Eagle portfolio of loans related to Northern Ireland debtors was conducted on NAMA's behalf by the corporate finance advisor Lazard. The sales process commenced in January 2014 and the decision to dispose of the portfolio was taken by NAMA in response to an improvement in market conditions. As part of the process, Lazard identified and engaged with those parties which, in its expert view, had the capacity to engage in a transaction of this scale. NAMA recently announced its intention to proceed with the sale of the portfolio, subject to contract, to affiliates of Cerberus Capital Management, L.P. The process is, accordingly, on-going and it would be inappropriate to comment any further on the matter given that the transaction has not yet concluded.
