This is a dynamite bit on @SpotlightNI #nama: pic.twitter.com/b1ObnMDi4I

— Tom Lyons (@TomLyonsBiz) February 29, 2016

From top: Taoiseach Enda Kenny, Michael Noonan and Northern Ireland First Minister Peter Robinson; Minutes of a meeting between Mr Robinson and Mr Noonan in which they discuss the sale of Northern Ireland’s Nama portfolio; and a clip of a secretly recorded meeting involving Frank Cushnahan – both on BBC Northern Ireland’s Spotlight last night

You may recall how Independent TD Mick Wallace, on several occasions in the Dáil last year, raised concerns about the sale of Nama’s Northern Ireland property portfolio, Project Eagle, in 2014.

On the first occasion, in July 2015, his microphone was turned off.

On another, in October 2015, after making yet another call for a Commission of Investigation into the Project Eagle sale, Mr Wallace told Taoiseach Enda Kenny:

“The Irish people have not been served well by Nama. It stinks to high heaven and you are involved in the cover-up because you refuse to do anything about it.”

The sale is now the subject of investigation by the National Crime Agency in the UK and the Securities and Exchange Commission in the US.

Further to this.

Last night, BBC Northern Ireland’s Spotlight programme, presented by Mandy McAuley, outlined the sequence of events which led to the portfolio eventually being sold to US private equity firm, Cerebus Capital.

Contributors to the programme included Sunday Business Post journalist Elaine Byrne and Independent Alliance TD and Sunday Independent journalist Shane Ross.

Ms McAuley first explained how former banker Frank Cushnahan is an “incredibly well-connected” Belfast businessman who, nine years ago, left his position as an advisor to the Northern Ireland Housing Executive to become chairman of east Belfast firm Red Sky – a company that worked for the Housing Executive.

She explained that Mr Cushnahan convinced the Housing Executive to forgive most of Red Sky’s debts so that its debts went from £250,000 to £20,000.

His behaviour was later criticised by a Stormont investigation which found his actions to be “totally unethical and could and should have been avoided”.

Two years later, in 2009, £4.5billion of Nama’s debt was owed by developers in Northern Ireland and politicians feared there would be a fire sale of property, prompting property rises to drop – a fear Northern Ireland’s Finance Minister Sammy Wilson told BBC’s Spotlight in 2011.

These fears, Ms McAuley explained, prompted the establishment of Nama’s Northern Ireland Advisory Committee.

And who did Sammy Wilson choose to sit on that committee?

Frank Cushnahan – who, Ms McAuley reported, held clinics for developers in Nama, where he would tell developers “how to survive” Nama.

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