Nama deal: Chairman Frank Daly rejects claims NI loans sale process was "corrupt"

The Irish National Assets Management Agency (Nama) has rejected suggestions its Northern Ireland property loans portfolio sale process was "corrupt".

Nama chairman Frank Daly was giving evidence to an Irish parliamentary inquiry into the £1.3bn deal.

It follows allegations of corruption made by Irish politician Mick Wallace and the loyalist blogger Jamie Bryson.

Mr Daly said "evidence is missing" from Mr Bryson's blog and expressed surprise that people would "swallow it".

Last week, Mr Bryson made allegations at Stormont's finance committee that Northern Ireland First Minister Peter Robinson was among five people set to benefit from a £7m "success fee" lodged in an Isle of Man bank account.

Mr Robinson dismissed the claim as "scurrilous and unfounded".

On Thursday, he said he will appear before the Stormont inquiry on 14 October.

Nama: The key figures and background you need to know

Timeline of Nama's NI property deal

Politicians on both sides of the Irish border are conducting investigations into the loan sale, which was completed in April 2014.

Mr Daly told the Dublin inquiry: "Sometimes I read [Jamie Bryson's] blog. Evidence in a lot of what he says is missing. It's extraordinary that people just kind of swallow it."

He was specifically addressing a claim by Mr Bryson that the under bidder for the Nama portfolio, Fortress, was "a stalking horse".

Regret

The chairman repeated that Nama would not appear as witnesses at the Stormont inquiry, but he added the agency would continue to answer written questions and provide documents.

Mr Daly told the PAC that in hindsight he "regretted" that meetings of the Northern Ireland Nama Advisory Committee occasionally took place in the offices of Belfast law firm, Tughans.

It was through Tughans that £7m was moved to the Isle of Man bank account by its former managing partner Ian Coulter, to facilitate payments to so-called deal fixers.

The money has since been retrieved by Tughans.

Frank Cushnahan, a Nama advisor until November 2013, had use of an office within its premises. He has strongly denied any wrongdoing.

Sinn Féin PAC member Mary Lou McDonald called on NI First Minister Peter Robinson to appear before the Irish parliamentary inquiry

PAC member Mary Lou McDonald, from Sinn Féin, told the hearing that the "oversight" of Mr Cushnahan by Nama had been poor, adding it was "deeply inappropriate" that Tughans office was used for meetings.

Ms McDonald also called for Mr Robinson to give evidence to the PAC in Dublin, along with two of Stormont's former finance ministers, Sammy Wilson and Simon Hamilton.

Mr Daly told PAC members that Nama officials have met the UK's National Crime Agency (NCA), which is also investigating the deal.

However, he said the NCA's investigation is focused on the purchase side of the sale, which had nothing to do with Nama.

He said the agency had "nothing to hide" and rejected claims that the buyer of the NI loan book, US firm Cerberus, will make a "huge profit" on the purchase.

He added that the profit will amount to about 7% to 8%.

'Deeply frustrating'

Earlier, the hearing began with criticism over a release of scores of Nama documents by the Irish government last night.

Stormont's Finance Committee chairman Sinn Féin MLA Daithí McKay said Jamie Bryson's evidence had caused a "storm"

It released details of a conference call about the deal at which Northern Ireland Deputy First Minister Martin McGuinness was present.

The PAC hearing was told it was "deeply frustrating" that the committee was given no advance notice of the release of the documents related to the Nama deal.

Members of Stormont's Finance Committee travelled to Dublin to observe the proceedings.

Its chairman, Daithí McKay, made a statement to PAC members, saying co-ordinated action between the Irish Parliament (Dáil) and Stormont committees over the Nama sale could be productive.

Mr McKay said Mr Bryson "caused a bit of a storm" when he gave evidence to the Stormont inquiry, but added that his testimony opened the door for the committee to ask for evidence from some other witnesses.

The Dublin hearing was told the PAC committee has yet to decide whether or not it will call Mr Bryson to give evidence.