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| Nama deal: Top civil servant gives evidence to NI inquiry | |
| (about 5 hours later) | |
| The Department of Finance's most senior civil servant is giving evidence to the committee investigating the £1bn sale of Nama's Northern Ireland loan portfolio later. | |
| David Sterling is appearing before Stormont's Finance Committee. | |
| He is expected to be asked what the department knew about the sales process and what contact it had with bidders. | He is expected to be asked what the department knew about the sales process and what contact it had with bidders. |
| The portfolio was sold to the US investment fund Cerberus for more than £1bn last year. | The portfolio was sold to the US investment fund Cerberus for more than £1bn last year. |
| An Irish politician, Mick Wallace, has alleged that £7m was due to be paid to a Northern Ireland politician in the wake of the deal. | An Irish politician, Mick Wallace, has alleged that £7m was due to be paid to a Northern Ireland politician in the wake of the deal. |
| The National Crime Agency (NCA), which is leading the criminal inquiry into the loan sale controversy, is concerned its investigation could be undermined. | The National Crime Agency (NCA), which is leading the criminal inquiry into the loan sale controversy, is concerned its investigation could be undermined. |
| Potential criminal trial | Potential criminal trial |
| Last week, Stormont's Finance Committee had to postpone its first hearing so it could work out how to proceed without prejudicing a police investigation. | Last week, Stormont's Finance Committee had to postpone its first hearing so it could work out how to proceed without prejudicing a police investigation. |
| The committee has now drawn up a draft terms of reference. | The committee has now drawn up a draft terms of reference. |
| Its chairman Daithí McKay said they had to ensure the committee's scrutiny role does not interfere with any investigation or potential criminal trial. | Its chairman Daithí McKay said they had to ensure the committee's scrutiny role does not interfere with any investigation or potential criminal trial. |
| On Thursday, the committee is due to consider papers provided to it by the Department of Finance and Personnel (DFP). | On Thursday, the committee is due to consider papers provided to it by the Department of Finance and Personnel (DFP). |
| It is then scheduled to question Mr Sterling and another senior civil servant. | It is then scheduled to question Mr Sterling and another senior civil servant. |
| A hearing by the Irish parliament's Public Accounts Committee has already established that a firm interested in buying the portfolio approached the then-Northern Ireland Finance Minister Sammy Wilson in June 2013. | A hearing by the Irish parliament's Public Accounts Committee has already established that a firm interested in buying the portfolio approached the then-Northern Ireland Finance Minister Sammy Wilson in June 2013. |
| 'Seeking guidance' | 'Seeking guidance' |
| The international law firm Brown Rudnick, acting on behalf of the Pimco investment fund, wrote to Mr Wilson "seeking guidance" before engaging with Nama. | The international law firm Brown Rudnick, acting on behalf of the Pimco investment fund, wrote to Mr Wilson "seeking guidance" before engaging with Nama. |
| Mr Wilson forwarded the letter to the Irish Finance Minister Michael Noonan who advised that Brown Rudnick should contact Nama directly. | Mr Wilson forwarded the letter to the Irish Finance Minister Michael Noonan who advised that Brown Rudnick should contact Nama directly. |
| Pimco later dropped out of the bidding, after it revealed that Nama's former Northern Ireland adviser Frank Cushnahan was due to receive a £5m fee if its bid was successful. | Pimco later dropped out of the bidding, after it revealed that Nama's former Northern Ireland adviser Frank Cushnahan was due to receive a £5m fee if its bid was successful. |
| Brown Rudnick then went on to act for the successful bidder, Cerberus. | Brown Rudnick then went on to act for the successful bidder, Cerberus. |
| Brown Rudnick paid £7.5m to the Belfast's solicitors firm Tughans for advice on the deal. | Brown Rudnick paid £7.5m to the Belfast's solicitors firm Tughans for advice on the deal. |
| Tughans' then-managing partner, Ian Coulter, later moved the bulk of that fee to an Isle of Man bank account. | Tughans' then-managing partner, Ian Coulter, later moved the bulk of that fee to an Isle of Man bank account. |
| Mr Coulter said the money was moved for "a complex, commercially and legally sensitive" reason. | Mr Coulter said the money was moved for "a complex, commercially and legally sensitive" reason. |
| He said that no politician, nor any relative of any politician, was ever to receive any money from the deal. | He said that no politician, nor any relative of any politician, was ever to receive any money from the deal. |
| The money was later moved back and Mr Coulter left the firm. | The money was later moved back and Mr Coulter left the firm. |
| He remains in dispute with his former partners about the events surrounding the Isle of Man transfer. | He remains in dispute with his former partners about the events surrounding the Isle of Man transfer. |
| All parties involved in the deal deny any wrongdoing. | All parties involved in the deal deny any wrongdoing. |