Monday 16 October 2017

Pimco letter now puts Nama on the defensive

Nama chief executive Brendan McDonagh and chairman Frank Daly return to PAC in the coming weeks and TDs won’t be shy about grilling them on the Pimco’s claims. Photo: Tom Burke
Nama chief executive Brendan McDonagh and chairman Frank Daly return to PAC in the coming weeks and TDs won’t be shy about grilling them on the Pimco’s claims. Photo: Tom Burke
Cormac McQuinn

Cormac McQuinn

Pimco's letter to the Accounts Committee (PAC) has certainly ramped up pressure on Nama over Project Eagle.

It was already under fire due to the Comptroller and Auditor General's (C&AG) finding that it made a probable loss of £190m (€223m) with the deal.

Now, failed bidder Pimco has insisted it withdrew from the sale process after alerting Nama to concerns about an alleged success fee to be paid to Nama's former adviser Frank Cushnahan and others.

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