NAMA has information ‘banks misled agency’

FINANCIAL Regulator Mathew Elderfield believes NAMA has information that would substantiate the claim that the agency was misled by banks about the value of their property loans.

In a letter to the Dáil Public Accounts Committee, which has been examining the issue, Mr Elderfield said he expected NAMA chief executive Brendan McDonagh would be bringing the information to the attention of the authorities.

“My office expects that Mr McDonagh will contact the Central Bank with information which substantiates a claim that NAMA was provided with false or misleading information by banks,” Mr Elderfield wrote on November 26. “I should expect that, at the same time, NAMA will inform An Garda Síochána and the Director of Corporate Enforcement of any similar concerns.”