Nama leak puts billions of euro at risk

Confidential details of Nama’s loan and property portfolios worth billions of euro were leaked by a former employee, the High Court heard yesterday.

Gardaí have been alerted after it emerged details of every loan acquired by Nama were allegedly sent by Enda Farrell to his wife and other parties involved in property management and investment. Mr Farrell now works for a global property investment firm.

Nama yesterday took legal proceeding against Mr Farrell and his wife, Alice Kramer, fearing the data “in the hands of others” could be commercially damaging to the agency and the public.

Mr O’Farrell, a former portfolio manager, was under investigation after it emerged he and his wife bought a four-bedroomed property at Sunday’s Well, Lucan, Co Dublin, which was in the Nama portfolio for €410,000. He never disclosed the deal.

During the internal probe, it was discovered that confidential data was taken without authorisation. Nama told the court dissemination of confidential and commercially sensitive material could cause irreparable damage and harm to Nama and the Irish public.

Earlier this month, Nama obtained a High Court injunction requiring the couple, from The Motte, Knockudder, Dunboyne, Co Meath, to hand over all documents, communications and materials containing confidential information relating to Nama. The couple was also ordered not to destroy damage or conceal any of the materials sought.

In private proceedings, Nama sought the order so it could take a comprehensive and accurate record of all the confidential data it alleges was taken, and what had been done with it.

Nama obtained injunctions after claiming its investigators discovered that, over several months, Mr Farrell had unlawfully removed and disseminated more than 30 emails with file attachments containing “highly confidential and commercial sensitive information” to his wife.

The information, it is claimed, includes a master spreadsheet of all loans acquired by Nama and all properties acquired by Nama as security for the loans, specific asset disposal strategy in relation to certain Nama debtors, and other information acquired in confidence.

Nama alleges this breach of confidence involves sensitive commercial information relating to loans and properties with a combined value of billions of euro.

The agency also claims the alleged behaviour by the defendants may constitute a criminal offence.

Ms Justice Mary Finlay Geoghegan lifted the in camera order yesterday and deemed the matter could be heard in public.

Frank Callinan, SC for the defendants, told the court his clients fully co-operated with the court orders, and would continue to do so.

Cian Ferriter, SC for Nama, who acknowledged the couple’s co-operation, asked that the case be admitted to the Commercial Court. Counsel said Nama believed a serious breach of confidence had occurred.

Ms Justice Finlay Geoghegan adjourned the case to October.

Nama said it regarded any data breach with the utmost concern. It said it referred the matter to the gardaí and the Office of the Data Protection Commissioner.


Lifestyle

Angela’s Ashes: The Musical at Cork Opera House brings some belly-laughs to Frank McCourt's tale, writes Marjorie Brennan.Perfect blend of belly laughs and emotion at Angela's Ashes: The Musical

In Currabinny, there is a large house right at the cliff’s edge, overlooking the whole of Cork Harbour.The Currabinny chefs cook with pears

It’s normal for children to occasionally worry but anxiety in a young person can develop into a crippling daily occurrence if it is not properly managed, writes Karen Murray.'Anxiety is a normal part of life': Understanding is key to helping children manage anxiety

This season textiles trend large, full of colour and exotic pattern, and applied in new ways to make a personal design statement from the living room to the bedroom, writes Carol O’CallaghanTextile trends that can help you make a personal design statement

More From The Irish Examiner