PAC Says Project Eagle Sales Strategy “Seriously Deficient”

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The Public Accounts Committee’s concluded that the sales strategy pursued by NAMA in the disposal of its Northern Ireland loanbook was “seriously deficient”.

In its report on Project Eagle, the committee says there was a “failure of corporate governance” by the agency in not removing advisor Frank Cushnahan as a consultant when disclosures of interest were revealed.

The Committee also says it was “not procedurally appropriate” for the Minister for Finance Michael Noonan to meet with the successful bidder, Cerberus, the day before the closing date for the sale.


In a statement Michael Noonan says he refutes the findings about him in the PAC report, saying it was part of his job as minister for finance to meet international investors visiting Dublin.