McDonald backs down on call for PAC meeting on Nama sale

Sinn Féin deputy leader Mary Lou McDonald has withdrawn a request for the Public Accounts Committee to reconvene urgently for a discussion on a land deal involving National Assets Management Agency.

The withdrawal came after the State agency comprehensively rebutted a claim made in a statement issued by Sinn Féin on Thursday that it was involved in an “off-market” deal in the UK in 2011.

On the basis of the Nama response, Ms McDonald said she accepted it “at face value” and her statement was removed from the party’s website.

Sinn Féin had spotted a biographical note on the site of law company Brown Rudnick in which a lawyer stated he had sourced and executed "an off-market discounted UK loan portfolio sale from Nama" in 2011.

This statement seemed to run counter to comments made by Nama chairman Frank Daly when he appeared before the committee earlier this month.

No exclusive access

At the hearing, Mr Daly said the policy of Nama was to market openly assets and loan sales - and it did not give exclusive access to any potential purchaser.

“This is clearly at odds with Nama’s policy of not granting exclusive access to any potential purchaser,” said Ms McDonald, who called for a PAC meeting.

However Nama issued a firm denial later on Thursday to Ms McDonald’s statement, saying the sale referred in 2011 to was not off-market but was completely open.

Nama said the Brown Rudnick lawyer had worked for Morgan Stanley when it was the successful bidder for a Nama loan sale in the UK which commenced in 2011 and closed in March 2012.

“This loan sale was openly marketed by Savills. Ninety interested parties engaged with Savills...Twenty three parties submitted first-round bids and Morgan Stanley was the ultimate acquirer,” said the Nama statement.

“Nama has no control over what [statements are contained on a company website] but, as is clear from the above, the loan portfolio referred to [WAS]fully openly marketed and was not sold off-market.

“Brown Rudnick has never represented or advised Nama on any loan or property portfolio sale and, to our knowledge, its only involvement in any Nama-related loan or property portfolio sale was as advisor on the buy side of the Project Eagle loan sale,” it said.

The statement also said that Ms McDonald was “fully aware of these facts” since Tuesday evening, when Nama said it emailed her in response to queries she made on the issue.

The Irish Times left a message for the Brown Rudnick lawyer and a response is awaited.