Nama did not refer breach for a month

Nama became aware that confidential data had been misappropriated by one of its employees, Enda Farrell, on Aug 12 but the agency did not notify the gardaí for another month, its chairman, Frank Daly, told the Oireachtas committee on finance.

Mr Daly said Nama had to make sure it had a strong prima facie case before the gardaí were notified. The consultancy firm Deloitte was retained on Aug 6 to look into the circumstances of the unauthorised purchase by Mr Farrell of a Nama property.

It was during this probe that it was uncovered Mr Farrell had forwarded sensitive information to his wife at Ernst & Young.