Nama faces fierce scrutiny over Project Eagle auction process

Nama faced fierce scrutiny yesterday amid claims by senior members of the Dáil’s public accounts committee that it should have cancelled a huge sale last year of €5.7bn of Northern loans, codenamed Project Eagle.

Nama chairman Frank Daly and chief executive Brendan McDonagh said the sale of Project Eagle, completed in April 2014, was properly conducted and achieved a good price. The process was “robust, competitive — right to the end — and secured the best outcome for the Irish taxpayer,” Mr Daly said.

Mr Daly revealed that Pimco — one of three bidders left standing in early March 2014 — planned to pay fees to a former member of Nama’s Northern Ireland Advisory Committee.