More details of inner workings of Nama heard at trial

Mr Cushnahan (photographed outside court on 1 October) denies two fraud charges

A court has heard more details about the inner workings of the National Asset Management Agency (Nama) before it agreed Northern Ireland's biggest property deal in 2014.

Businessman Frank Cushnahan, who used to be an adviser to Nama, is on trial accused of fraud. It is alleged he failed to declare an interest with a potential buyer in the run-up to the deal, in spite of a legal obligation to do so.

Mr Cushnahan, 83, of Alexandra Gate, Holywood, denies two fraud charges.

Ian Coulter, 54, of Templepatrick Road, Ballyclare, denies five charges, including fraud and transferring criminal property.

Ian Coulter (pictured outside court in September) denies the charges

The trial is linked to the £1.1bn sale of the Northern Ireland loan book held by Nama in April 2014.

The agency was set up in the Republic of Ireland after the financial crash in 2008 to offload non-performing loans acquired from troubled banks.

On Thursday, the seventh day of the trial, the former chair of Nama, Frank Daly, was cross-examined by Mr Cushnahan's defence barrister Frank O'Donoghue KC.

He questioned him about the issue of declaring an interest and disclosure of confidential information while working for Nama.

Mr Daly told the court on Wednesday that he believed Mr Cushnahan should have declared that he was involved with an investment firm Pimco which was interested in buying the loan book.

Mr Cushnahan served on the Northern Ireland Advisory Committee (NIAC) of Nama, as an external member, from 2010 to 2013.

The court was shown documentation from the first meeting of the committee in May 2010 that suggested only full board members of Nama were subject to the rules around disclosure of information.

Frank Daly, pictured outside court on Wednesday, was Nama's former chair

However, Mr Daly said legal advice was sought and he believed the rules did extend to members of the committee.

The jury was shown a number of different documents including parts of the Irish government legislation which established Nama in 2009.

At one point, Mr O'Donoghue said: "Can I just ask the jury if they're following it so far?"

They nodded.

The 12-member jury, made up of nine men and three women, have been told by the judge not to make up their minds about the case until they hear all of the evidence and all of the witnesses.

They have also been told not to do their own research on the case.

The trial, which began last month, is being held before judge Madam Justice McBride.

What is Nama?

Nama is the Republic of Ireland's "bad bank", set up by the Irish government in 2009 in the wake of the financial crisis which broke out the previous year.

Mr Cushnahan and Mr Coulter are both charged with fraud by false representation on or around 3 April 2014.

Mr Coulter faces a further four charges including transferring criminal property, namely money, between 15 September and 1 December 2014.

Between 1 April 2013 and 7 November 2013, Mr Cushnahan is accused of dishonestly failing to disclose information, that he was under a legal obligation to disclose to the Northern Ireland advisory committee and Nama.

He is accused of failing to inform them that he was providing information to a firm called Pimco over the proposed purchase of the Northern Ireland loan book from Nama.

It is alleged his intention was to make a gain for himself or someone else.

Both men deny all of the charges against them.

The trial is expected to last another 10 weeks.