Michael Noonan: ‘No connection’ between Nama leaks and bidders

The Minister for Finance has dismissed any notion of a link between the illegal disclosure of information by a former Nama official and asset sales by the agency.

Michael Noonan said there is no evidence to suggest there are links between the recipients of disclosures from former Nama official Enda Farrell and bidders for assets offered for sale by Nama debtors.

Mr Noonan said the information provided to potential bidders is much more comprehensive than the unlawfully disclosed 2009 information, which was the subject of a recent Circuit Criminal Court case.

“I am advised that no advantage would accrue to the recipients of the unlawfully disclosed information in any competitive bidding process as it is market value as determined at the time of sale that is the basis for Nama’s assessment of any bids,” said Mr Noonan.

His comments were made in written replies to 15 questions by Fianna Fáil TD Marc MacSharry arising from Mr Farrell’s conviction.

At Dublin Circuit Court last week, Mr Farrell received a two-year suspended jail sentence for passing on confidential information.

The information included lists of properties that had been taken into Nama and valuations placed on them in November 2009.

The properties included those linked to developer Paddy McKillen, the O’Flynn Group, Tiger Developments, Harcourt Developments, and the Cosgrave Developments.

Providing an insight into Nama’s preparation for sales, Mr Noonan said: “Nama uses experienced advisers to ensure that transactions are executed to the highest market standards and that bidders are treated equally by mapping out a clear and rigorous process to be followed in each sale.”