Thursday 29 September 2016

Who’s who in Nama loans row?

Paul Williams

Published 11/07/2015 | 02:30

The former Northern Ireland Finance Minister Sammy Wilson
The former Northern Ireland Finance Minister Sammy Wilson
Northern Ireland First Minister Peter Robinson
Dan Quayle, former US vice president and current chairman of Cerberus Global Investments
Ian Coulter
Frank Cushnahan

Sammy Wilson

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The former Northern Ireland Finance Minister wrote to his southern counterpart Michael Noonan in June 2013 passing on a letter from US law firm Brown Rudnick, which was acting for clients interested in buying Nama's Northern Irish loans portfolio. Mr Noonan told Mr Wilson the prospective buyers should contact Nama directly.

Peter Robinson

The office of the Northern Ireland First Minister supplied Nama with a memorandum of understanding apparently agreed between the Northern Ireland Executive and Pimco, should it be the successful bidder. The terms were favourable to Nama debtors and required Pimco to invest in Northern Ireland and to use local construction, professional and non-professional services. Nama did not engage in any discussions in relation to the memorandum. Mr Robinson also had meetings with Pimco and Cerberus. He met with Cerberus representative Dan Quayle, and Ian Coulter, on March 25, 2015, just days before its bid was selected by Nama. The meeting was not publicly announced.

Simon Hamilton

The North's Finance Minister was also present at the meeting with Mr Robinson, Mr Quayle and Mr Coulter.

Dan Quayle

The former US vice president is now chairman of Cerberus Global Investments. The company manages $25bn in investments worldwide.

It says there was nothing untoward about Mr Quayle's meeting with Mr Robinson and that it was part of the company's due diligence process.

A Cerberus spokesman said it was "standard operating practice to hold due diligence meetings of this nature with government ministers".

Ian Coulter

The former managing partner at Tughans in Belfast, the law firm which acted for two of the companies bidding for Nama's Northern Ireland loans portfolio, Pimco and the eventually winners Cerberus. Pimco had proposed to pay a Stg£5m success fee to Tughans via Mr Coulter, but the payment was never made after it had to withdraw from bidding. Some Stg£7m in fees due to Tughans was lodged in an Isle of Man account controlled by Mr Coulter. The money wa s later retrieved and Mr Coulter left the law firm.

Frank Cushnahan

A former banker who was appointed to Nama's Northern Ireland advisory committee.

He resigned from the committee in November 2013. Five months later Nama learned that Pimco planned to make a Stg£5m success payment to him if it proved to be the successful bidder.

The revelation prompted Nama to ask Pimco to exit the bidding process.

Martin McGuinness

The North's Deputy First Minister said he had not been made aware of the Quayle meeting at the time and had not agreed to any such meeting. He said he only learned about it as a result of a media query.

Irish Independent

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