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Former NAMA advisor 'was to make £5m' from debt sale

A former member of NAMA's Northern Ireland advisory committee was due to receive commission of aroun...
TodayFM
TodayFM

1:59 PM - 9 Jul 2015



Former NAMA advisor 'was t...

News

Former NAMA advisor 'was to make £5m' from debt sale

TodayFM
TodayFM

1:59 PM - 9 Jul 2015



A former member of NAMA's Northern Ireland advisory committee was due to receive commission of around £5 million from the sale of its loans in Northern Ireland.

Frank Cushnahan was due to be paid the fee by the private equity firm PIMCO which was hoping to buy the loans.

Figures from NAMA have been taking questions on the sale at the Public Accounts Committee.

The agency insists it got the best possible value for its Northern Ireland loan book.

The sale of the loans has been called into question after it was confirmed that the loans - with an original value of £4.5bn - were sold for just under a third of that amount.

PIMCO is thought to have been the leading bidder before it was ordered to withdraw from the process.

Our political correspondent Gavan Reilly filed this report:



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