Project Eagle: Role kept ‘to protect Ireland’s reputation’

Nama chose not to “terminate” Frank Cushnahan’s role with the group when serious conflict of interest allegations surrounding Project Eagle first emerged because to do so would have damaged a recession-hit Ireland’s reputation even further.

The State property group’s chairman Frank Daly confirmed the situation during a five-hour Dáil meeting in which he strongly rejected the Comptroller and Auditor General’s conclusions the controversial deal cost the taxpayer at least €220m.

Mr Daly hit out at suggestions his group failed to protect taxpayers interests because it did not remove Mr Cushnahan when disputed “fixers fee” allegations involving him and US firm Pimco emerged.