The Stormont Inquiry into the sale of NAMA’s ‘Project Eagle’ Northern Irish loan portfolio continues. Developer Paddy Kearney - who had loans sold as part of the deal - has been highly critical of NAMA’s way of doing business.
He told the Inquiry that he was “frightened” and “intimidated” by the agency and that under pressure from NAMA he reached out to Northern Ireland’s First Minister - Peter Robinson.
The politician then mediated between him and NAMA chief executive, Brendan McDonagh.
The Belfast-born businessman was one of the 'Maple 10' group who invested in Anglo Irish Bank in 2008.
The developer gave this evidence voluntarily - saying that he wanted to address allegations made at the inquiry suggesting that he was involved in corruption or illegal payments.
“In my view, and in terms of disruption of value and of progress in the property market in Northern Ireland, Nama did in three years, without firing a shot, what the terrorists couldn’t do in 50,” he told the inquiry - while also saying that NAMA tried to "bribe" him with debt forgiveness.
“I make no apology for requesting Peter Robinson’s assistance – there was nothing improper or sinister involving my contact with him, as has been alleged,” he continued.
