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THE MINISTER FOR Finance, Michael Noonan, has refuted the suggestion that he “acted inappropriately” with regard to an element of the sale of the Nama Northern Ireland loan book, known as Project Eagle.
The Public Accounts Committee report into the sale of Project Eagle was published this afternoon and states that Nama lost €800 million in relation to the loan portfolio in four years.
It declared that the sales strategy was “seriously deficient”.
“Inappropriate”
Noonan and Department of Finance officials held separate meetings with Cerberus representatives on the eve of the bid closing date.
Project Eagle was sold to Cerberus, with the deal closing in June 2014.
The committee said it considers that ”it was not procedurally appropriate for the Minister for Finance [Michael Noonan] to meet with senior Cerberus representatives the day before the Project Eagle bid closing date”. It said this could have given the perception that Cerberus was benefitting from preferential treatment.
It also said that it considers that it was “not procedurally appropriate” for the Department of Finance officials to meet with Cerberus representatives in the days leading up to the Project Eagle bid closing date.
Again, it said this could have given the perception that Cerberus was benefitting from preferential treatment.
Refuting suggestion
In a statement, Noonan said that he refutes “absolutely the validity of any suggestion that I or my officials acted inappropriately in meeting with Cerberus in March 2014″.
He said that both he and the Department of Finance “have at all times cooperated with the Committee and have provided a large amount of supporting documentation to the Committee”.
Nama sold its Northern Ireland loanbook in June 2014 for £1,137m. A Comptroller and Auditor General examination had to be carried out because of the size of the sale and the recorded loss associated with it. The Pac considered the report and held 11 meetings to further examine what went wrong.
Noonan said that he voluntarily appeared before the Committee for over five hours in October of last year, describing it as “a decision which was largely unprecedented”.
“Following leaks of a draft PAC working document last month, I wrote to the Chair of the PAC highlighting my concerns surrounding the leaking of information and what appeared to be unfounded claims contained therein,” said Noonan in a statement.
I note that my letter has been included with the report. It is disappointing that unjustified and unfounded views have made their way into the final iteration.”
I refute absolutely the validity of any suggestion that I or my officials acted inappropriately in meeting with Cerberus in March 2014. At no point was I or my officials invited to discuss this meeting at the PAC nor was the alleged impropriety of this meeting raised in follow-up correspondence. The note of the meeting with Cerberus is on the Department of Finance’s website and is clear in stating that any issue relating to NAMA should be raised directly with NAMA.
He described it as “entirely appropriate” that he as Minister for Finance would meet with the chairperson of a major international investment fund, “a former US Secretary of the Treasury no less”, at his request whilst he was in Dublin on business.
This is part of the job of a Minister for Finance.
He also noted that when he appeared before the committee in October of last year, “much of the discussion revolved around whether I should have intervened to put an end to the Project Eagle sales process”.
I welcome the fact that the PAC accepted my evidence regarding this issue, and in doing so has recognised the clear legal separation between the Minister for Finance and NAMA’s commercial operations. As I stated at the time, I as Minister had no role, and have no role in relation to individual transactions and I am pleased that the PAC report has not suggested otherwise.
He said he will be reviewing the report over the coming days. The report will be debated in the Dáil next week and Noonan said he looks forward to making a full contribution to that debate.
Letter
Noonan wrote a letter to Pac chairman Sean Fleming in February of this year saying that he had read articles which mention a draft working paper on the committee’s findings. He took issue with what was reported to be in this draft working paper.
“There appears to be a clear inference that the committee working paper contains draft conclusions… that both I and my officials acted inappropriately in meeting with Cerberus representatives in the days prior to the Project Eagle sale process closing,” he noted.
He described the suggestions as “extremely damaging to both myself, as Minister, and to my officials”.
I refute absolutely the validity of any such purported conclusions, regardless of whether or not they are ultimately included in the committee’s final report.
He also said in the letter that the records of his and his officials’ evidence confirm that the meetings with Cerberus were not raised during the committee hearings.
He said that if this was a substantive consideration for the PAC, they should have been invited to publicly state the factual position for the record.
He said the meeting was arranged at the request of Cerberus and was “high level in nature” and that it would have been unusual for him not to meet with such “notable individuals and firms”.
He said that his meetings with Cerberus in March 2014 didn’t alter the fact that “neither I nor my officials were involved in the Project Eagle sales process”.
He said it was established that the Project Eagle process was underway, and that Cerberus did inform them at the meetings that they were interested in the portfolio.
He also said that records relating to the meetings had previously been released under the Freedom of Information Act in November 2015. Noonan himself provided records relating to these meetings directly to the committee in his correspondence in November and December 2016.
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Bollocks! I suppose he was innocent during the Hep C scandal as well.
Whispering Mickey and the rest of our establishment political class will never be found wanting when the powerful need enriching or the weak need crushing. Any ordinary person who votes for FG, FF, Labour or bogus Independents is complicit in their own exploitation.
He dragged a dying Woman through every Court in the land to shut her up. Years later her poor husband committed suicide leaving 12 children behind.. Noonan and FG should be ashamed of themselves…
@Brian Ward:
Michael Noonan and the Economic Management Council are at the heart of the financial mismanagement plaguing Irish society currently.
They should have the Garda Commissioner look into this Project Eagle sale. Oh no wait………..
Noonan caught pimping out Irish property at knock down prices and wants us to swallow this crap? Good luck with that.
Maybe they should have the Minister for Justice look into this case instead. Oh no wait…………..
FG dont do shame and RTE and The Indo make sure of that just watch 6 O Clock news and ease ride they will give this
@Cosmo Kramer: A bad man is Noonan he was a bully all his life, and is past his sell by date.
Of course he didn’t do anything wrong. He never does
Why is this guy not getting more press attention about the Grace case as well as this?
@Tony Skillington: I’d imagine because of who owns most of the press.
Fact check noonans bond /property portfolio,their getting away with murder,not to mention his disgusting handling of the hep c case.
Noonan has the air of a politician who has feathered his nest to the point where he’s way past caring what the little people think of his antics. He seems to consider himself untouchable, and in this rotten little state, he’s probably right.
Guess we’ll just be adding this to his list of debacles a politician in any other first world country would be forced to resign over.
And why should he care? He knows he’d be re-elected tomorrow
Grim Reaper Noonan refutes being calling out on his lies once again! Lots of denies and no accountability.
Comments being deleted faster then they can go up – apparently we can’t say anythin about noonan
Chopper has his solicitors on the blower. Run and hide journal.
@Les Behan: That photo makes me think of…
“You must have been a beautiful baby
You must have been a wonderful child
When you were only starting to go to kindergarten
I bet you drove the little boys wild
And when it came to winning blue ribbons
You must have shown the other kids how
I can see the judges’ eyes as they handed you the prize
I bet you made the cutest bow
Oh you must’ve been a beautiful baby
‘Cause baby look at you now
Does your mother realize
The stork delivered quite a prize
The day he left you on the family tree?
Does your dad appreciate
That you’re merely super great
The miracle of any century?
If they don’t just send them both to me
You must have been a beautiful baby
You must have been a wonderful child
When you were only starting to go to kindergarten
I bet you drove the little boys wild
And when it came to winning blue ribbons
You must have shown the other kids how
I can see the judges’ eyes as they handed you the prize
I bet you made the cutest bow
Oh you must’ve been a beautiful baby
‘Cause baby look at you now”
How dare anyone question Noonan a man of the elite and a bank balance to prove it.What’s next question him about the Grace case?
Seamus between this, the Grace case and the report on the rental market a few weeks ago how is he staying in his job? How can FG not see the liability he is?
Fg have zero accountability,with rte and newstalk letting them run amok.
But Dave there has to be a few back benchers getting twitchy at this stage.
Look who’s to blame after all they were all voted back in to protect themselves by the public . in fairness you slam Sinn Fein and yet you never have them the chance because FF FG & Labour scare mongered and upset you all with troubles in past . well past 8 year have been troubles of an economic nature and a blind eye is turned . as more men and women have died of suicide brought on by debt and banks hounding them and our government protected their buddies slowing them do that
@James Dooley: But but but the past….Kangaroo courts bla bla bla. The same scroungers are left in time again because Irish people are pussy S when it boils down to it. Talk for the world but won’t make a change.
Silence from the media over Grace case is telling. Not a word about McCabe now too of course
@Les Behan
NAMA was setup by an incompetent and under pressue Fianna Fail govenment at a time when these properties were worthless. These type of things were always going to happen. Yout can’t blame Michael Noonan for it. Although, I am sure most of you will.
” These type of things were always going to happen ” Have you considered a career in politics ? I suggest FG , you’d fit in quite comfortably.
@Diarmuid Doran:
Yaawn! Stupidly predictable reply.
Politics is a fools game.
The reality of life is that business people will make a try to make a profit, and If the government of 2009 purchased distressed assets at above the then market values from a busted bank, hold on to them for 6 years, and then sell them off, (at a profit, remember) some astute business person will make a killing.
That’s the way of the world, nothing to do with politics, and nothing to do with Noonan.
His arrogance is just beyond belief and when he speaks it seems as if he`s talking down to the “little people” and we`re just an inconvenience
As a Limerick man I won`t vote for him I can assure you
But Limerick are not alone in voting unsuitable politicians
The good people of Tipperary with Lowrey and McGrath
The Healy Rays in Kerry
Dublin voted Bertie in and his master before him
Looks as if the real aim of kenny’s trip to the White House is to give the Trump administration tips on how to peddle false truths and any culpability. He could certainly teach them a thing or two
Ignoring concerns raised repeatedly, bias tendering process, paperwork destroyed, inappropriate meetings etc resulting in loss of hundreds of millions to the state services leaving people dead as a result. All to familiar unfortunately. Acceptability, No. Carry on so.
*accountability
He’s too long in the Dail! Term limits please. Thinks he’s infallible
The fact that report has criticised his meeting with Cerberus when not one of the PAC dared to ask him about this to his face is very telling. A pathetic, worthless piece of nonsense which will have zero impact or consequences.
I think it matters that they’ve put it in the report. To say that our minister for finance ‘acted inappropriately’ is significant.
@jane: It completely undermines their actions. Makes them look cowardly and politically motivated when they wouldn’t raise something with the person but then decide after it was inappropriate.
If 800 million was lost in four years, it stands to reason some one gained 800 million in 4 years. In all probability some of Noonan’s vulture buddies.
Noonan never made a secret of the fact that he despises ordinary Irish citizens. He works for the banks, vulture funds, and corporations, no one else hold any interest.
He is guilty of crimes that warrant police investigation.
Corrupt to the core.
Not the first time a FG minister was meeting a buyer close to a sale.
To be fair, it’s not the worst thing that he should be jailed for, and no action by the guards, sipo or oireachtas.
Poor use of the word “refute”. To refute something is to prove it is wrong. He denies or rejects the allegations but hasn’t refuted them.
Why is Mehole Martin not demanding a Garda investigation? I think it’s time for a revolution to get rid of all corrupt TDs and their cronies. Otherwise it will be too late. We are all doomed with this FG /FF Endapendent government. Not one has the gumption to speak up for the people who they represent and demand answers. Sick of being robbed blind for greed and its ilk
God bless Michael Noonan
The bast@rd should be in jail.
Won’t be long now at his age he might be lucky to get inside the pearly gates and apologise to Bridget MCCOLE and her husband. And always remember there are no pockets in the shroud.
And no banks in a graveyard. Altho would bet they’ll beat McDonalds to the Day of Judgement and Resurrection if only just.
I totally believe Michael…..
For Michael noonan, unfortunately, due to his incompetence, it’s been cover up after cover up.
Ha hah ha hah no not me same response he gave Bridget McCaul. FG justice for everyone but the rich benefactors
He has repudiated the suggestion, he rejects it and says it is untrue. He has not refuted it, proven it to be unfounded. Get a dictionary Journal.
This guy is up too his eyeballs in sleaze BRIDGET MCCOLE, GRACE, and NAMA but Karma gonna bite his sleazy ass shortly.
He’d be a Bold (Faced Liar) Eagle. As well as a Baldy Scaldy one. He reminds me more of a scald crow actually. Pickin the eyes out of lambs.
Horrible egotistical man
That photo…
You must have been a beautiful baby
You must have been a wonderful child
When you were only starting to go to kindergarten
I bet you drove the little boys wild
And when it came to winning blue ribbons
You must have shown the other kids how
I can see the judges’ eyes as they handed you the prize
I bet you made the cutest bow
Oh you must’ve been a beautiful baby
‘Cause baby look at you now
Does your mother realize
The stork delivered quite a prize
The day he left you on the family tree?
Does your dad appreciate
That you’re merely super great
The miracle of any century?
If they don’t just send them both to me
You must have been a beautiful baby
You must have been a wonderful child
When you were only starting to go to kindergarten
I bet you drove the little boys wild
And when it came to winning blue ribbons
You must have shown the other kids how
I can see the judges’ eyes as they handed you the prize
I bet you made the cutest bow
Oh you must’ve been a beautiful baby
‘Cause baby look at you now
The Hepatitis C scandal man who was a minister in 1982 when FG put VAT on children’s shoe’s before Jim Kenny pulled the plug on them. So the Patrician Artifact from 1981 is suddenly to be trusted with career highlights like that behind him.Come on Suckers smell the coffee or the flying pigs!
The baldy Don Corleone from Limerick, he could show the Italian mafia a trick our two, but as the story goes once a ballocks always a bollocks.
Ms. Barry,
Well playing down the story with a wishy washy headline and wording! Is this a type and style of prejudiced reporting. “…refutes the suggestion…” Sorry, it was not “suggested” by the PAC, but was rather their “considered” opinion. OK shoot me for cutting hair with the article on such a serious matter, but where lies my confidence in truth when the truth is being dressed up in camouflaged wording – on the floor that is. Forgive me Ms. Barry if I have misunderstood, but your quotation marks only begin with …”acted inappropriately”.
So Ms. Barry, let us correct this headline. “Michael Noonan refutes the considered findings of the PAC that he ‘acted inappropriately’ over Project Eagle sale.
Is mise,
Micheál
The birds in the trees know that Nama is crooked and the minister for Fiancé didn’t think their was something suspicious in a lot of their dealings ,not even when Mick Wallace stood up in the Dail a few years ago and said it he and his cronies choose to ignore it .There was a look of a guilt written all over that mans face yesterday.
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