Nama deal: Peter Robinson defends Frank Cushnahan role

Mr Robinson said Frank Cushnahan was motivated by the best interests of Northern Ireland

The first minister has defended a Belfast businessman who had a controversial role in the £1bn sale of Nama's Northern Ireland loan portfolio.

Frank Cushnahan was an adviser to Nama when he introduced Peter Robinson to the Pimco fund which was interested in buying the portfolio.

Mr Cushnahan went on to work for Pimco when it mounted a formal bid.

Mr Robinson told the finance committee it was for others to decide if Mr Cushnahan had a conflict of interest.

He said he was "not sure" if there had been a conflict.

The first minister also told the Stormont committee that he had been friendly with Mr Cushnahan for years and found him to be "motivated by the best interests of Northern Ireland".

He added that Mr Cushnahan could be described as a "pillar of the establishment".

He said that he or his special advisor had regular contact with Mr Cushnahan in the period leading up to the Nama deal.

The purpose of this was to get the "best possible assurance as to how any purchaser would operate" in Northern Ireland.

Mr Cushnahan was in line to receive a £5m fee if the Pimco bid had been successful.

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

Mr Robinson said he did not know about the proposed fee until Nama told the the Irish parliament about it in July this year.

He added that he was "not sure that anybody comes to ministers and puts all their cards on the table about what their interests are".

The first minister said he did not believe Mr Cushnahan had any inside information that bidders would not have able to get from Nama.

The Nama portfolio was eventually sold to the Cerberus investment fund for £1.24bn.

Mr Cushnahan has denied any wrongdoing.

Nama has said it was not informed of the May 2013 meeting at which Mr Cushnahan introduced Mr Robinson to Pimco.

The agency added: "Nama's position is that members of the NI Advisory Committee were obliged to disclose conflicts of interest."