Tuesday 17 January 2017

The Yates Anthology: Nama needs a culture change

Published 11/07/2015 | 02:30

Pat Rabbitte
Pat Rabbitte

The Eagle has landed and it's not a pretty sight.

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Secrecy around Project Eagle within Nama prevents accountability for the largest financial property transactions ever on behalf of taxpayers. Their clandestine culture continues to be unacceptable. Their refusal to appear before the Northern Assembly finance committee in Stormont shows contempt for democratic institutions; Michael Noonan should oblige these public officials to cooperate.

Frank Daly and Brendan McDonagh's PAC appearance raised even more questions as to whether €1.6bn was an adequate price for their massive northern portfolio. They claim to have taken a "cash loss of only €230m" on the sale to Cerberus. The original book value of loans was €5.6bn; bank losses were recapitalised by the Government when this was transferred to Nama for €2bn; subsequent annual accounts values were reduced again through 'impairments', bringing it down to €1.8bn. Whatever way you spin it, the gross exchequer exposure is around €3.8bn when you include interim costs of funds; 16 times greater than admitted.

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