NAMA and conflicts of interest

This post was scheduled to go up at 6pm tonight but it’s on Liveline now, so…

This article from the Limerick Post is worth reading. It tells us a company whose owners owe massive amounts of money to Anglo Irish Bank will be providing legal advice to NAMA.

LIMERICK solicitors Dermot G O’Donovan, three of whose partners are directors of the Fordmount Group, now in receivership, have been appointed by NAMA to provide legal services.

Fordmount is believed to owe in excess of €100m to Anglo Irish Bank.

NAMA will appoint more than 50 firms to sit on a panel of legal advisors. Being on the panel does not necessarily mean a company will be called to provide advice. Indeed the reason NAMA would claim such a large number of advisors is required is – for want of better wording – to dilute any conflicts of interest. Still, if claims of conflicts of interest are raised, it’s worth taking a look at them.

The story is also perhaps illustrative of just how interconnected the various elite facets of Irish society have become in the last ten or so years.

Thanks to the people on Twitter who highlighted the story this morning.

1 thought on “NAMA and conflicts of interest”

  1. Spot on. Ireland’s elite must think we are all total fools.

    Incidentally, did you notice this line in the Limerick Post article that you quoted?

    “In 2005 Fordmount Property Group gave a political donation of €1,750 to Minister Willie O’Dea.”

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