NAMA chief denies its key adviser has conflict of interest

THE head of NAMA has denied that one of its key advisers has a conflict of interest because of links to a company valuing properties for the agency.

NAMA chief executive Brendan McDonagh yesterday admitted property adviser John Mulcahy had been a managing director of US-listed group Jones Lang LaSalle.

The company is one of the five main national valuers to NAMA.

Mr Mulcahy had built up shares with the company before becoming an adviser for NAMA, Mr McDonagh told an Oireachtas Committee.

Labour’s Joan Burton referred to weekend reports that Mr Mulcahy owned more than €2.31m worth of shares in the company.

She suggested that there “would seem to be on the face of it a conflict of interest”.

But the head of NAMA pointed out that all people employed by NAMA under legislation had to complete statements of interests on their assets as well as their liabilities.

Mr McDonagh, however, admitted adviser Mulcahy had formerly been a managing director with the company advising NAMA.

He had built up shares before being employed by the agency but he was not allowed to be an active shareholder in that company, TDs were told.

Mr Mulcahy was not allowed to be involved in any NAMA decisions relating to his former employer under “house rules”, Mr McDonagh said.

The head of NAMA also ruled out reports that senior employees with Anglo Irish Bank were being employed by the agency.