Nama chiefs to face PAC grilling

NAMA chairman Frank Daly

Nama chiefs will today be quizzed about its multimillion-euro deals and how information is handled by the agency, after claims of deliberate leaks to property bidders.

The hearing at the Public Accounts Committee (PAC) comes as gardaí investigate former Nama workers and examine claims sensitive information was passed to vulture funds and developers.

Nama chairman Frank Daly and chief executive Brendan McDonagh will appear before TDs to “address recent allegations and misinformation”, the agency said last night.

PAC chairman and Fianna Fáil TD John McGuinness said: “Nama functions as a bad bank, acquiring property development loans from Irish banks in return for government-guaranteed bonds. It has acquired loans of €72.3bn from participating financial institutions, essentially making it the largest property company in the world.

“Given its importance to the financial and economic management of this State, it is vital Nama is subject to public accountability and the issues now before it are dealt with efficiently and effectively. At our meeting tomorrow, the [PAC] will also be looking for assurances that the Nama business model is working and we will also want to establish how the property portfolio is being managed.”

Garda sources last night confirmed a probe into one former Nama employee, brought to its attention last year, was at “an advanced stage” and a file was being prepared for the DPP.

At yesterday’s PAC meeting, the Comptroller and Auditor General said it was difficult to see how across the portfolio that there would have been underpayment.

He said the whole valuation process was assessed by the European Commission and it was difficult to see how there could have been undervaluing.


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