The agency hired to find buyers for NAMA’s Northern loans says it considers the operation a success.

Lazard is giving evidence to the Public Accounts Committee over the sale today.

Managing director Patrick Long says the agency was not asked to value the loans, as would be required in many cases.

But he says the sale was successful from his perspective:”We ran a highly competitive sale process that was designed to meet NAMA’s objectives and which did in fact reach NAMA’s objectives.

“And which resulted in a sale of the portfolio to surplus of the price at NAMA’s reserve price.”