Documents contained in a BBC programme which appeared to represent Nama’s confidential valuations of properties owned by a debtor in the North were not genuine, the agency has said .

Last week, BBC's Spotlight programme played a covert recording in which Co Down property developer John Miskelly is heard handing over £40,000 to Frank Cushanhan, a prominent businessman who was on Nama's advisory committee in the North. The programme said that, subsequently, Mr Miskelly gave Mr Cushnahan a further £10,000.

The programme also showed a document which it said Mr Cushnahan had given Mr Miskelly purporting to show the valuations which Nama put on some of his properties .

Mr Cushnahan told Mr Miskelly that he could help him to refinance his properties out of Nama and regain control of them, though this did not happen .

Leaked

A Nama spokesman said at the weekend that the document allegedly containing its valuations of some of Mr Miskelly’s properties was false.

"BBC Spotlight claimed the source of the information may have originated from within Nama and been illegally leaked," the spokesman said .

"Nama confirms that valuations contained in the document broadcast by BBC Spotlight are not the actual Nama valuations. The factual position is that valuations in the BBC document are significantly lower than Nama's actual valuations – in some cases up to 30pc lower."

The valuations Nama puts on properties are highly sensitive, as they would be invaluable to anyone seeking to buy the properties from it .

Inquiry

However, the spokesman said that as the information was false it could not have come from Nama.

The BBC Spotlight programme has added to calls for the Government to set up an independent inquiry into the sale of Project Eagle, Nama's portfolio in the North.

The sale has been surrounded by controversy and is being investigated by the UK's National Crime Agency and by the US authorities.

It previously emerged that a £7 million “fee” was transferred to an offshore account in connection with the deal.

During the programme's investigation, BBC Spotlight twice asked Nama to confirm or deny the valuation figures, but it  refused to do so. Meanwhile, the BBC pointed out that the information could have come from a number of sources, including Frank Cushnahan’s “best guesses”. The programme's makers noted that NAMA is not disputing the authenticity of the document we showed, but the information contained therein.

The Irish Times reported this weekend that a report by the Comptroller & Auditor General had concluded that there were "shortcomings" and "irregularities" in the Project Eagle sales . The report is due to be published by the end of the month.

US fund Cerberus bought the Project Eagle loans in 2014 for €1.6 billion and has subsequently sold on the loans connected to Mr Miskelly’s properties.

* This article was amended on 12/9th to include a reference to the BBC's reply to Nama's criticism....