Staff access to Nama files on McKillen to be reviewed

Nama chiefs due to appear before Dáil’s Public Accounts Committee

Developer Paddy McKillen

Developer Paddy McKillen


Accountancy firm Deloitte is to review access by staff at the National Asset Management Agency to the files of developer Paddy McKillen following allegations made by former Nama portfolio manager Enda Farrell that information was passed to individuals outside the agency.

The move comes as Nama chairman Frank Daly and chief executive Brendan McDonagh are due appear before the Dáil’s public accounts committee this morning. Among the claims made by Mr Farrell is that confidential information relating to Mr McKillen’s borrowings was passed to a named individual working for an outside firm related to the Barclay brothers.

Mr McKillen has complained to the Garda this alleged leak placed him at a disadvantage in his battle to control the Maybourne Hotel Group in London. The Barclays have dismissed his claims.

Formal complaint
Mr Farrell is the subject of a formal complaint from Nama to the Garda after it discovered in August 2012 he had removed confidential information from the agency. The Irish Times contacted the individual named by Mr Farrell as the third party to whom he passed information about Mr McKillen yesterday. This individual acknowledged knowing Mr Farrell but said: “I have absolutely no idea at all about this. Whatever we did was via Nama.”

Mr Farrell has made a series of claims about the conduct of Nama, ranging from the morality of dealing with developers to more specific allegations.

Comptroller & Auditor General Séamus McCarthy said yesterday it was difficult to see how across Nama’s portfolio of loans there could have been underpayment. He noted the European Commission had approved Nama loan-valuation.

John Moran, secretary general of the Department of Finance, also plans to go before the Dáil watchdog to explain his dealings with the agency.

A spokesman for the Department of Finance said Mr Moran welcomes the opportunity to give evidence to the committee.

Mr Moran is expected to be asked about his contacts with Richard Faber, an employee of the Barclay brothers, in October 2011. Mr McKillen has questioned whether this contact was appropriate.

TDs on the committee were given a briefing note on the controversy earlier this week, which said: “Nama is concerned that these unsupported allegations appear to call into question the integrity and professionalism of its staff.”