Ciarán Hancock: Nama can't just shrug off criticism of Project Eagle

Agency fails to recognise process failures or respond with humility to the PAC report

PAC chairman Seán Fleming at the publication of the committee’s report on Nama’s  Project Eagle sale. Photograph: Cyril Byrne

PAC chairman Seán Fleming at the publication of the committee’s report on Nama’s Project Eagle sale. Photograph: Cyril Byrne

At midday yesterday the Oireachtas public spending watchdog produced a hard-hitting report into the National Asset Management Agency’s sale of the Project Eagle portfolio in 2014 to Cerberus for €1.43 million.

This gave rise to a loss of €800 million for Nama on its Northern Ireland debtors and was on top of the €2.75 billion discount initially applied to the loans by Nama when they were acquired from the banks.

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