Nama IT system led to errors in €352m property portfolio valuation

Nama chief executive Brendan McDonagh will discuss the aforementioned Project Nantes loan sale before the Public Accounts Committee. Photo: Gareth Chaney Collins

Errors in valuations of a €352 million property portfolio by the National Asset Management Agency (Nama) happened because the agency had no proper IT systems in place at the time.

Brendan McDonagh, the agency’s chief executive, is due to appear before the Public Accounts Committee tomorrow morning to discuss the aforementioned Project Nantes loan sale, together with Nama’s 2019 accounts, and is expected to say that he “fully accepts and regrets” the fact that the valuations were in error.