Nama failed in corporate governance of Project Eagle, says draft PAC paper

Conflicts of interest concerning Frank Cushahan not managed, says draft

Finance minister Michael Noonan PIc:

Nama’s failure to manage conflicts of interest relating to Frank Cushnahan, the man at the centre of the €1.6 billion Project Eagle scandal, was “a failing of corporate governance” which “potentially compromise(d) the sales process”.

The finding is among several in a scathing draft working paper produced for the Public Accounts Committee (PAC) on the agency’s controversial sale of its Northern Irish loan book.

The paper is due to be discussed by TDs ...