Northern Ireland

Nama makes complaint in Republic of Ireland over Frank Cushnahan

Frank Cushnahan Image copyright Ex BBC Newsline
Image caption Former banker Frank Cushnahan was a Nama Northern Ireland advisor from May 2010 until November 2013

Nama has made a complaint to Ireland's ethics watchdog about Frank Cushnahan.

Mr Cushnahan, who was a member of the agency's Northern Ireland advisory committee, was at the centre of a BBC Spotlight investigation this week.

He has been referred to the Standards in Public Office Commission (Sipo) which oversees declarations of interest by politicians and public servants.

The Irish Independent has reported that Nama has raised two issues with Sipo.

The first concerns his dealings with US investment fund Pimco, which was interested in buying Nama's Northern Ireland loan portfolio.

Mr Cushnahan met Pimco in May 2013, then when he resigned as a Nama adviser in November 2013 he worked for the fund.

He was in line to receive a £5m fee if Pimco's bid for the portfolio had been successful, the Irish parliament has been told.

That bid collapsed in March 2014 when Nama learned of Mr Cushnahan's role.

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Nama has previously said that Mr Cushnahan never made any disclosure of an interest relating to Pimco or its possible interest in bidding for the portfolio.

The Irish Independent reported that Nama has also raised Mr Cushnahan's shareholding in companies that had loans moved into Nama.

That is understood to relate to the Graham property group.

Mr Cushnahan has previously stated he gave up that shareholding in 2009 and that if he remained on the share register it is only because the Graham companies had not provided the necessary updates.

He said for that reason no conflict of interest arose.

Nama is the Republic of Ireland's "bad bank".

It sold its entire Northern Ireland loan portfolio to the Cerberus investment fund in 2014.

Mr Cushnahan, a former banker, was appointed to Nama's Northern Ireland advisory committee by the DUP.

He has always denied any wrongdoing in relation to his Nama role.

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