Court told of Nama progress in data case

The National Asset Management Agency has made further progress in identifying the recipients of highly confidential data allegedly misappropriated from it by former executive Enda Farrell, the Commercial Court was told yesterday.

Cian Ferriter SC, for Nama, said the agency was continuing its investigations into the matter and had identified 15 recipients, all of whom were co-operating.

There were further issues to be tied down in relation to preserving the confidentiality of the material but Nama was hopeful, when the matter was next before the court, it could be addressed by consent orders, Mr Ferriter said.

Mr Farrell was continuing to co-operate with Nama in the matter and had provided helpful additional information, he added.

Mr Ferriter asked for an adjournment of the proceedings for three weeks, and said if the matter could not be addressed by consent then, he would seek further directions.

Mr Justice Peter Kelly granted the adjournment and said he hoped the progress achieved to date would continue.

Nama and the National Treasury Management Agency had last September brought the proceedings against Mr Farrell and his wife Alison Kramer, an auditor in the Dublin office of Ernst Young, arising from the alleged misappropriation of the information.

In addition to the Nama inquiry, inquiries are also being carried out by the Data Protection Commissioner and the Garda.

Mr Justice Kelly was previously told the investigations to date showed there was no material evidence of damage to Nama.

In affidavits in the proceedings, Mr Farrell outlined that while employed with Nama and after he left the agency, he had provided certain information to named professionals based in Dublin, London, Paris and Berlin.

Details of the information cannot be disclosed by court order.

Mr Farrell said he had gained no financial benefit from the supply of information and had co-operated with Nama and the National Treasury Management Agency since they initiated proceedings against him.

He also undertook to comply with the requests to help the agencies recover the material from the various individuals.