“It is difficult to conclude that Nama secured the best possible price for the sale of the Project Nantes loans,” the report said. It also found fault with the sale process, including a decision by Nama not to seek independent valuation advice in line with its own stated best practice. The sale of €352m of loans to Clairvue-Nantes was part of a bigger tranche of Quinlan-linked loans sold by Nama around the same time. Clairvue-Nantes paid €26.6m for the so-called Project Nantes loans in February 2012. Nama tonight said the C&AG report confirms that it made an overall profit of €68m on the sale of the Avestus portfolio that the Project Nantes loans were an element of.

Source: Irish Independent March 19, 2020 21:00 UTC