The role played by the Minister of Finance Michael Noonan in the sale process relating to Nama’s former Northern Ireland loans portfolio “raises questions” according to the North’s deputy first minister.
Sinn Féin’s Martin McGuinness told a Stormont inquiry yesterday that he was “kept in the dark” about the sell off of Nama’s Northern Ireland portfolio, known as Project Eagle, and was unaware at the time of telephone calls, correspondence and meetings relating to the transaction.
The deputy first minister said he was never “fully briefed or engaged” in the £1.2 billion Nama transaction because he had repeatedly not been informed of various meetings and discussions relating to the deal.
Mr McGuinness described how he was not involved in what could be interpreted as the opening chapter in the sale of Nama’s former Northern Ireland portfolio.
‘Huge significance’
He said it was of “huge significance” that in June 2013 the North’s former finance minister Sammy Wilson wrote to the Minister for Finance in the Republic and that he was never made aware of it.
He also highlighted a meeting that took place in September 2013 at Stormont between Michael Noonan and the Northern Ireland finance minister at the time Simon Hamilton, of which he also unaware
Mr McGuinness yesterday outlined to the North’s finance committee various calls and correspondence relating to the Nama transaction including a “letter of intent” regarding the outcome of any sale, of which he said was unaware at the time.
He also described a meeting that took place at Stormont Castle on 25th March 2014 involving the then first minister Peter Robinson, the former finance minister Simon Hamilton, Ian Coulter, the former managing partner of law firm Tughans and representatives from the US investment group Cerberus, which ultimately acquired the Nama portfolio. This included the former US vice president Dan Quayle, who is chairman of Cerberus Global Investments.
Mr McGuinness said this meeting was “hugely significant”.
Disputed claims
He disputed claims by DUP member of the Stormont inquiry Jim Wells that he had been aware of a memorandum of understanding in relation to any possible Nama transaction or that he had been invited to a meeting with Cerberus at one stage.
Mr McGuinness also responded to questions from the inquiry relating to his office and Mr Robinson’s role as first minister .
“It raises very serious questions in relation to what capacity the first minister was acting,” he said. He raised questions about “an enterprise” that involved Mr Noonan.
“Now that raises questions about how Michael Noonan the Minister for Finance in the south that was handling this situation. “The only conversation that I had with Michael Noonan was on the 14th January 2014 when the first minister and I were involved in a conference call with Michael Noonan and outside of that it was quite clear that there all sorts of other meetings taking place that I was unaware of”.
The Department of Finance made no comment on Mr McGuinness’s remarks yesterday. Nor did it comment on a letter that Mr McGuinness wrote to Mr Noonan in July of this year to express his concerns about the “lack of respect” he had shown in respect of the “joint nature of the Office of the First and Deputy First Minister” in the North.
The Committee for Finance and Personnel also heard evidence yesterday from the loyalist blogger and flag protester Jamie Bryson who claimed that politicians and business people were to benefit from a “success fee” from the Nama sell off.
Project Eagle timeline
June 2013:
Sammy Wilson, then Northern Ireland minister of finance and personnel tells Michael Noonan that parties interested in buying Nama’s northern loans have contacted him.
September 2013:
Law firm Brown Rudnick contacts Nama saying US fund manager Pimco is interested in buying the assets.
November 2013:
Wilson’s nominee to Nama’s northern advisory committee, Frank Cushnahan, resigns, citing personal reasons.
December 2013:
Nama puts Project Eagle on the market.
March 10th 2014:
Pimco tells Nama it has agreed to pay Cushnahan, Brown Rudnick and, Belfast lawyers, Tughans, £15 million sterling in success fees if it wins the deal. It then pulls out of the auction for Project Eagle. Tughans and Brown Rudnick switch to Cerberus.
March 25th 2014:
Cerberus chairman and former US vice-president Dan Quayle meets North’s then first minister Peter Robinson, then finance minister Simon Hamilton and Ian Coulter, managing partner at Tughans.
April 2014:
Cerberus secures Project Eagle for £1.2 billion.
January 2015:
Tughans managing partner Ian Coulter resigns.
July 2nd:
Independent TD Mick Wallace tells the Dáil that £7 million diverted from a Tughans company bank account to the Isle of Man was “reportedly earmarked for a Northern Ireland politician or political party”.
July 3rd:
Tughans names Coulter as the partner who left in a dispute over allegedly diverted fees from Project Eagle. Coulter has denied any financial benefit.
July 7th:
Stormont’s finance committee and Dáil Committee of Public Accounts (PAC) announce separate inquiries into Project Eagle.
July 9th:
Police Service of Northern Ireland and UK National Crime Agency launch a criminal inquiry into Wallace’s allegations.
July 10th:
Nama tells PAC that Cushnahan and the two law firms were to split Pimco’s £15 million payment equally, getting £5 million each.
September 7th:
It emerges that the US department of justice has sent a subpoena for information on the Project Eagle deal to Cerberus.
September 16th:
Cerberus tells the North’s finance and personnel committee in writing that it had no first-hand knowledge of Coulter’s actions after Tughans was paid for Project Eagle. It says that it paid Brown Rudnick, which shared its fee with the Belfast firm.
September 23rd:
Loyalist blogger and flag protestor, Jamie Bryson, tells the finance and personnel committee that former first minister, Peter Robinson, was one of five people earmarked to benefit from the Project Eagle sale. Robinson denies the claim.
Deputy first minister, Martin McGuinness, tells the committee that he was kept in the dark over Project Eagle and was never fully briefed.
Barry O’Halloran
