C&AG report: £15m fees structure for adviser and law firms ‘should have raised concerns’

The existence of a shared £15 million fees structure for Nama’s North adviser Frank Cushnahan and two law firms should have raised “concerns” for the agency about its Project Eagle sale.

These findings are outlined by the Comptroller and Auditor General (C&AG), where the State financial watchdog looked at potential conflicts of interest regarding the northern loan book sale.

It finds that Mr Cushnahan, a businessman who was a member of Nama’s Northern Ireland advisory committee, had declared involvement with debtors with the agency. He at one stage declared involvement with up to seven debtors on the loan book, whose combined debt amounted to half of the Project Eagle loans, the report says.