Monday 26 September 2016

Timeline: NAMA loans

Published 10/07/2015 | 02:30

Mick Wallace
Mick Wallace
Ian Coulter
Peter Robinson
Frank Cushnahan

June 24, 2013: Then Northern Ireland Finance Minister Sammy Wilson forwards a letter to his counterpart in the south, Michael Noonan, from US law firm Brown Rudnick.

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The law firm says it represents clients interested in buying Nama's Northern Ireland loan portfolio.

Mr Noonan tells Mr Wilson that interested parties should contact Nama.

September 2013: Brown Rudnick tells Nama its client Pimco wants to do a "closed transaction" that does not involve the portfolio going on the open market.

November 2013: Nama Northern Ireland Advisory Committee member Frank Cushnahan (left) resigns for "personal reasons".

He later acts as an adviser to Pimco.

December 4, 2013: Pimco submits a bid.

December 12, 2013: Nama's board decides the portfolio, known as 'Project Eagle', should be openly marketed.

March 10, 2014: Pimco informs Nama that if its bid is successful, it proposes to pay a success fee of Stg£15m to Brown Rudnick, Belfast law firm Tughans, via its managing partner Ian Coulter (left), and Mr Cushnahan. The payment is to be split in three ways, with each party receiving Stg£5m.

March 11, 2014: Nama's board decides the proposed fees arrangement "could undermine the integrity of the sales process" and that it cannot allow Pimco to remain a bidder. Two days later, Pimco formally withdraws.

March 13, 2014: Mr Noonan is informed by Nama of its concerns and agrees that excluding Pimco is the correct course of action, but does not request a new sales process.

March 25, 2014: The North's First Minister Peter Robinson (left) meets former US vice-president Dan Quayle, now the chairman of Cerberus Global Investments at Stormont Castle. Ian Coulter and the North's finance minister Simon Hamilton are also present.

April 3, 2014: Nama's board accepts an offer from Cerberus for €1.6bn for the loan portfolio. Brown Rudnick and Tughans also acted for Cerberus.

January 2015: Ian Coulter leaves Tughans.

July 2, 2015: Independent TD Mick Wallace (left) tells the Dáil an audit at Tughans found Stg£7m had been put in an Isle of Man bank account, earmarked for a Northern Ireland politician or party. Tughans say the money was fees diverted by a former partner that had since been returned and the matter had been reported to the Law Society of Northern Ireland.

July 8-9, 2015: The PSNI launches an inquiry. Nama says it had no knowledge of the Stg£7m payment.

Irish Independent

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