Tuesday 21 February 2017

Shane Phelan: Questions still linger over Nama deal in the North

Published 10/03/2016 | 02:30

Frank Cushnahan
Frank Cushnahan

The biggest property transaction in the history of this island attracted little fanfare when it occurred in April 2014. Nama sold 850 property loans which were once valued at €6.3bn for a knockdown price of €1.6bn to US vulture fund Cerberus.

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The loans were all taken out by business people based in Northern Ireland and, when bundled together, became known as Project Eagle.

But it wasn't until a full 15 months later in July 2015 that the deal burst into the public consciousness. Independent TD Mick Wallace told the Dáil a Stg£7m sum deposited in an Isle of Man bank account had been earmarked for a Northern politician or party.

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