The Board of the National Asset Management Agency (NAMA) has welcomed the publication today of the final report of the Commission of Investigation into the Project Eagle Loan Sale.
The Commission’s report follows a seven-year investigation from 2017, the review of c700,000 documents and interviews with relevant parties.
The key findings of the Commission are:
- That the best price achievable was secured by NAMA for the Project Eagle portfolio.
- That the £1.3 billion minimum price set for the sale was appropriate. NAMA exceeded this minimum price and achieved a financial outcome of £1.322 billion.
The NAMA Board said that key issues relating to the transaction were whether NAMA had managed the sales process appropriately and whether the Agency had secured the best price achievable. The NAMA Board has at all times maintained that (1) the best achievable price was secured and (2) that NAMA managed the sales process appropriately and noted that the findings of the Commission’s report confirm this.
Other important findings include:
- That the management of the sales process by NAMA was appropriate.
- That the strategy of selling the loans as a single portfolio instead of a phased disposal over time was appropriate
- That the timing of the disposal was appropriate
- That there is no evidence of any other bidder willing to pay more than the successful bidder paid.
- That in terms of the sales process, NAMA followed the advice of the appointed loan sales advisors (Lazard) at all times.
- That access to potential buyers was appropriate and there was a level playing field among potential bidders in the sale process.
- That the decision to continue the sales process in March 2014 following certain disclosures by a bidder (of a proposed success fee) was appropriate in the circumstances.
