C&AG report: Taxpayer missed out on €250m windfall

Nama’s decision to sell the Project Eagle loan book as a single bundle and at a reduced price cost the taxpayer at least £190m — the equivalent of €250m — due to a poorly judged and incorrect assessment of the property bundle’s real value.

The claim is made in the Comptroller and Auditor General report into the controversy, which alleges the Irish public lost out on a considerable amount as a direct result of the deal.

According to the C&AG report, in June 2013 the Nama board placed a “standard” discount rate of 5.5% on the Project Eagle loans to help evaluate the interest in a potential sale.