Noonan’s role in Nama sale questioned by FF leader

The Fianna Fáil leader has questioned The role of Minister for Finance Michael Noonan in the controversial sale by Nama of its Northern loan portfolio.

Micheál Martin said Mr Noonan failed to alert anybody in the Republic about the serious issues surrounding the sale.

He said: "By any definition, it was a serious issue that such a senior adviser to Nama on the Northern Ireland loan book, and who was on Nama's Northern Ireland's advisory committee, was subsequently playing a central role in doing the deal."

He said Mr Noonan had five contacts, namely, three meetings and two telephone calls, with Northern Ireland politicians on the sale.

Ethics

He renewed his demand that a commission of investigation be set up to look into the matter.

Mr Martin

said the issue was about ethics and whether the deal was done ethically.

“Nama seems to be saying if everything is okay on the seller’s side, it is not really responsible or too bothered about what happens on the purchaser’s side,” he added.

Taoiseach Enda Kenny said it was important to bear in mind there were two jurisdictions involved. The matter was being examined by the Law Society of Northern Ireland while the National Crime Agency in the UK had recently confirmed it was investigating allegations of corruption. "The fact is there are no claims of wrongdoing against Nama,'' he added.

“They paid no moneys to, and had no relationship with, any party on this particular loan sale against whom any allegations of wrongdoings are now being made, and the portfolio was sold following the open process to the highest bidder for what it was worth.’’

Sinn Féin deputy leader Mary Lou McDonald said the "€15 million kickback for fixers'' involved in the original sales process were only brought to Nama's attention by a potential US buyer, Pimco. She added: "One proposed recipient of this kickback was Mr Frank Cushnahan who, incredibly, had been a member of Nama's Northern advisory committee and appointed by the Minister."

Evidence of illegality

Mr Kenny

said anybody with evidence of illegality or criminality should bring it to the attention of the PSNI.

“The remit of Nama is to return a profit for the taxpayer in respect of the sales of the portfolios it has, which is very extensive,’’ he added.

"They are responsible to this House, to the Irish public, through the Public Accounts Committee and the reports of the Comptroller & Auditor General's office,'' he added.

Ms McDonald said Pimco had flatly contradicted the account given by Nama chairman Frank Daly, and insinuated by the Taoiseach, that the company was asked to withdraw from the sale's process.

“They suggest that they voluntarily withdrew,’’ she added. Ms McDonald said a scenario had emerged whereby Mr Noonan and Nama had known things had gone badly and had not informed the Northern Executive nor pulled the sales process, and were “happy to allow things to trundle on”.