NAMA statement on C&AG report

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