Friday April 3, 2020

Nama: The curious case of Project Eagle

It was Nama’s biggest ever loan sale - now the deal is now mired in claims, counter claims and confusion

1st November, 2015
Belfast’s skyline: Nama’s Northern loan book was worth an estimated €5.2 billion. Picture: Getty

They all centred on the sale of a €5.2 billion loan book by the state’s loan agency Nama. The 2014 sale, codenamed Project Eagle, was mammoth, a big ticket property deal where just one fund bought Nama’s entire Northern Irish loan book.

It was heralded a triumph, the agency’s biggest ever deal. But then? Rumours.

Almost 18 months after the deal closed, some rumours have become fact. The bank account...

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