7 Oct 2020, 18.38

The Committee of Public Accounts (PAC) will meet with the National Asset Management Agency tomorrow, Thursday, 8 October, to discuss the Comptroller and Auditor General’s special report on the disposal by NAMA of the Project Nantes loans, and NAMA’s 2019 financial statement.

Chaired by Deputy Brian Stanley, the meeting at 11.30am in Committee Room 3 of Leinster House, will hear first from the C&AG, Seamus McCarthy, followed by representatives of NAMA led by its CEO Brendan McDonagh.

The C&AG’s Special Report 109 - NAMA’s management and disposal of the Project Nantes loans examines concerns raised about the sale in 2012 to Clairvue of certain loans from the Avestus portfolio, which was referred to by NAMA under the code name Project Nantes.

Deputy Stanley said: “The C&AG’s special report has found that had the full scope of the Project Nantes portfolio been accurately reflected, the repayment target would have been €56 million – about €29 million more than what was achieved in the sale. That represents a significant blow to the Exchequer and the taxpayer.

“The C&AG’s report went on to state that ‘…there is no basis to conclude that NAMA achieved the best possible financial outturn from the Project Nantes loan sale’.

 “The Committee looks forward to discussing the handling of the sale of these loans with NAMA.”

The PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

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