NAMA Shrugs Again
By Frank Connolly (November edition, Village)
NAMA Chief Executive, Brendan McDonagh, appearing before the Oireachtas Public Accounts Committee (PAC), failed to deliver a credible explanation as to how the agency handled the disposal of a lucrative portfolio of loans which was sold at a significant loss.
The Committee was convened to discuss the investigation by the Comptroller and Auditor General (CAG), Seamus McCarthy, into the dis- posal in 2012 by NAMA of Project Nantes, which was part of the larger Avestus portfolio. Avestus included valuable properties in Europe and the US which in turn were part of the loans of former Revenue Commissioner, Derek Quinlan and the Quinlan Partnership.