C&AG defends methods used to investigate Nama’s Project Eagle sale

The State’s spending watchdog has strongly defended methods used to probe Nama’s Project Eagle, but admitted losses from the deal may be more than the estimated £190m (€220m) for taxpayers.

Comptroller and Auditor General (C&AG) Seamus McCarthy said yesterday he did not consider the £1.3bn sale of loans linked to property in the North was not a “well-designed sales process”. He was answering questions from the Public Accounts Committee (PAC), which is examining his critical report into Nama’s Project Eagle sale.

The C&AG report raised concern about potential conflicts of interest over fixer fees, how the sales process was restricted, and how the deal potentially resulted in losses of £190m for taxpayers.