Donohoe Rules Out Suspending Work of Nama Until Final Report of Investigation

The Minister for Finance Paschal Donohoe has ruled out suspending the work of Nama pending the final report of the investigation into the sale of the agency’s Northern Ireland loan portfolio, The Irish Times reported. In June 2017, the Government appointed retired High Court judge John Cooke to investigate Nama’s £1.24 billion (€1.43 billion) sale in 2014 of the Northern portfolio to US distressed-debt firm, Cerberus. Mick Wallace TD had alleged in the Dáil that £7 million in fees related to the transaction had been lodged in a bank account in the Isle of Man that was “reportedly earmarked for a Northern Ireland politician or party” following the transaction. The allegation sparked a number of inquiries, including the Cooke Commission. New York-based Cerberus has denied any connection to any wrongdoing, while Nama has said the allegations relate to the buy-side of the transaction. Read more