Nama heads have ‘no idea’ why Cerebus would pay £15m

Nama’s two most senior officials have “no idea” why Project Eagle winner Cerberus was willing to pay an “extraordinary” £15m to Brown Rudnick and Tughan’s for information seemingly already available to the firm.

Nama CEO Brendan McDonagh admitted the ongoing confusion yesterday as Nama chairman Frank Daly insisted “nobody in Nama knew anything” about a linked £5m success fee due to then Nama advisor Frank Cushnahan until the scandal emerged in March 2014.

Speaking during an 11-hour meeting with the Dáil’s public accounts committee (PAC) , the Nama officials rejected repeated criticism they were aware of the controversy at an earlier date than suggested.