Call for gardaí to investigate banks for ‘systematically misleading’ NAMA over true value of developer loans

THE gardaí should investigate banks for systematically misleading NAMA over the value of developers’ loans in an attempt to secure extra billions of state funds, the Public Accounts Committee heard.

Fianna Fáil TD Michael McGrath called for the gardaí and Office of the Director of Corporate Enforcement to investigate the banks stating that “there was a clear systemic pattern” to the false information provided to the agency over the status of €77 billion in loans they were taking over.

NAMA chief executive Brendan McDonagh said he “didn’t disagree” with Mr McGrath’s assertions but the first agency he believed should investigate was the Financial Regulator.