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Noonan has questions to answer on NAMA – Adams

9 July, 2015 - by Gerry Adams TD


Sinn Féin President Gerry Adams has described revelations at today’s PAC meeting as “deeply disturbing”, and he has again called for the Irish Government to establish a Commission of Investigation into the management and operation of NAMA.

The Sinn Féin leader also said that:

“The Minister for Finance Michael Noonan clearly has serious questions to answer.

“In responding to me in the Dáil on Tuesday, Minister Richard Bruton confirmed that Minister Noonan was aware of the concerns around fee structures concerning the Pimco bid and the decision by NAMA to disallow it.

“However, Minister Bruton failed to tell the Dáil how much Mr. Noonan knew.

“We now know from today’s PAC meeting that Minister Noonan was told by NAMA Chairman Frank Daly that the fees involved £15 million pounds to be paid in three equal amounts between Frank Cushnahan, Tughans solicitors, and Brown Rudnick law firm.

“Why didn’t Minister Noonan inform the Office of First and Deputy First Ministers of this information? Martin McGuinness has made it clear that he had no knowledge of this.

“Why didn’t Minister Noonan intervene to suspend sale of the NAMA assets in the north to Cerberus, given that this transaction involved the same group of people who were part of the Pimco arrangement?

“The PAC also heard today that NAMA and Minister Noonan were in possession of correspondence from the former Finance Minister Sammy Wilson and First Minister Peter Robinson directly relating to the sales process of NAMAs northern loan book. 

“The Deputy First Minister has also made it clear that the correspondence referred to did not have the approval, consent or knowledge of the Deputy First Minister and therefore, was not a formal communication from the office of the First and Deputy First Minister.”

Concluding, Gerry Adams said:

“I have previously raised widespread public concern around the operation of the National Assets Management Agency (NAMA). Billions of euros worth of public assets are being sold off by NAMA to vulture capitalists behind closed doors and without any democratic oversight. The scandal surrounding the northern loan book is only one part of this story. With the British National Crime Agency now involved in investigating this element there is an onus on the Irish government to stop resisting the call to establish a Commission of Investigation into NAMA and to do this urgently.” 

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