TAOISEACH Enda Kenny has said he “cannot recall” receiving a letter containing concerns about business practices prior the £1.3bn sale of Nama’s Northern Ireland loan book.
[ The Irish News reportedOpens in new window ]
that the New York-based Fortress Investment Group wrote to the Department of the Taoiseach in February 2014.
In the letter, Fortress - which had been vying with Pimco and Cerberus Capital Management to buy the northern loans - complained about the business practices of third parties.
In the Dáil yesterday, Fianna Fáil leader Micheal Martin raised the Irish News report, saying previous revelations that Pimco had communicated its “misgivings” regarding fee arrangements with third parties had not stalled the sales process.
Responding to Mr Martin, the taoiseach said the matter was of “very considerable concern” but he could not recall receiving the letter.
Mr Kenny said he would have the matter “checked immediately” and would respond to the opposition leader “as soon as I can”.
His department last night added that "to date no record of receipt has been found and the process is ongoing".
Mr Kenny rejected a claim by Mr Martin that the southern authorities had a “rather light response” compared to their US and UK counterparts.
“I am advised that the loan sale was executed in a proper manner. Despite all the confusion and the coverage in the media, the fact is that there are no claims of wrongdoing against Nama.
“The loan portfolio sold for €1.5 billion because that is what the properties securing the loans were worth. The original amounts of €5.7 billion that were loaned by the banks prior to the establishment of Nama have no relevance to the current value of the underlying property security,” Mr Kenny said.
The taoiseach added that the loan portfolio had been sold to the highest bidder for “what it was worth following an open process”.
“Attempts to conflate Nama’s open market loan sale process with an internal issue on the other side of the sale are wrong."
Meanwhile, Sinn Féin’s finance spokesman Pearse Doherty yesterday welcomed a decision by the Oireachtas Finance Committee to write to the Republic’s Department of Finance urging officials to cooperate fully with the Northern Ireland Assembly’s inquiry into the Project Eagle sale.
