Focus again on semantics is key to vital part of Nama sale probe
The unwritten rule of public representation was central to the controversy that engulfed the previous Government over whether former garda commissioner Martin Callinan resigned or retired after a late night visit by an official at the behest of Taoiseach Enda Kenny.
And it is more than ironic that, in a week that has been dominated by yet another garda crisis, the same focus on semantics is now key to a vital part of the separate Nama Project Eagle sale inquiry.
Speaking during a five-hour Dáil public accounts committee grilling yesterday, Finance Minister Michael Noonan faced repeated questions over whether he intervened in any way to ensure the multi-billion sale which has been dogged by controversy ever since was signed-off on.
Despite attempting to stamp out the suggestion in his opening statement by stressing “no political pressure” was applied, under questioning a more nuanced version emerged.
While Mr Noonan insists he did not “direct” Nama to ensure the sale went through, he admitted he and Government were under sustained pressure from the ECB and rating agencies to remove distressed loans to guarantee a return to the prized international markets.
Time and again, the finance minister stressed it would be “illegal” for him to “direct” Nama to do anything related to commercial activities.
However, under pressure from a number of TDs he admitted to seeking and giving “advice” to Nama as the deal was going through.
The advice may not have directly impacted on the resulting decision by Nama to controversially sell its entire Northern Ireland loan book to US firm Cerberus in a fast deal the C&AG last month claimed cost the State €220m.
However, as Martin Callinan knows all too well, sudden interest in your well-being and future decisions from a senior Government figure does not exactly encourage a slow and methodical process either.
Whether Mr Noonan likes it or not, his conversations with Nama remain key to the ongoing Project Eagle controversy, and — regardless of the semantic difference to whether it was a direction or advice, ECB or Government pressure — why a series of issues were seemingly swept under the carpet as the deal progressed.
Nama officials and Mr Noonan have now both confirmed they were aware of €15m fixer fee claims surrounding ex-Nama advisor Frank Cushnahan, but chose not to scrap the process entirely.
They have provided still-questioned arguments over why the sale was pushed through despite the lack of an open tender process.
And, amid what Labour’s Alan Kelly and Fianna Fáil’s Marc MacSharry yesterday noted was a culture of “political necessity” to sell the properties speedily, further queries about why and how the State allegedly lost out on €220m still hang in the air.
Mr Noonan may not have interfered with Nama, but the ECB pressure which seemingly caused him to seek a sharing of advice — and similar political involvement in the deal in Northern Ireland — should not be ignored.
Just like Enda Kenny did not tell the now “retired” Mr Callinan to resign, Mr Noonan did not “direct” Nama to sell fast.
But when the metaphorical late night knock on a senior official’s door occurs, semantics or not the message is always clear.
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