Belfast Telegraph

Just who is working Nama's property field?

Mark Keenan puts five of the bad bank's names under the spotlight

These are a selection of employees who have been taken on in the last three years by Nama with details of what they were doing during the Republic's boom times.

Helen Moore

In 2006 Moore cut a dash in designer suits, whizzing about between housing developments for meetings with developers like Michael Cotter and Ray Grehan - whose interests she represented as a director of new homes with Savills - when sources say a director's salary at a big agency was €100,000.

Moore's agency was famously exposed in the book Ireland's House Party - What the Estate Agents Don't Want You to Know, written by its former head of research Derek Brawn. In it Brawn claimed that he was dressed down by the company bosses for telling the Irish Independent in 2007 that house prices needed to fall by 20%, and said he was subsequently ordered to issue a release outlining 10 reasons to invest in property.

In any case the directors had already sold the firm (then HOK) in mid-2006 to British-based Savills for €50m (£41.4m) and exactly at the boom's high tide mark. As a latecomer, Moore did not qualify for the windfall, but as a director was core to the decision-making at Savills.

She advised developers on public/private partnerships as first spearheaded by Parlon. These linked big developers to bigger State projects, and she conducted risk analysis on larger projects of the type that are now in Nama.

Michael Moriarty

Moriarty headed up Bank of Ireland Private, set up, as the name suggests, to cater for those who wanted to invest in private. According to market sources, BoI Private catered largely for high net worth individuals.

Here Moriarty was interviewed by inspectors for the Ansbacher inquiry, and the final report was critical of his bank's clearance of accounts run by Des Traynor along with BoI Private's involvement with Ansbacher's Irish business overall. BoI Private did not agree with the conclusions and claimed it had conformed with all required due diligence in relation to Traynor.

In 2003 Moriarty became MD of CB HOK Investors to set up property deals on behalf of wealthy Irish clients and to put syndicates together. In mid-2006 he moved to Goodbody's to syndicate property investment there.

Tom Foley

A former senior executive at PwC, a company which got €7.5m (£6.2m) from the Republic's governement for among other things, a 'due diligence' report on the health of the major banks. PwC also received €100m (£83m) in fees from Bank of Ireland over a 10-year period.

In 2005 Foley headed up KBC (previously IIB Homeloans), which got into sub-prime lending the following year with the founding of Stepstone Mortgages. He had noted in 2005: "The market as a whole is still dominated by sensible borrowing and lending practices."

Foley retired from KBC in 2009. In 2010 Foley was on the Department of Finance expert group on mortgage arrears and personal debt as well as being a non-executive chairman at WK Nowlan.

John Mulcahy

Mulcahy was a senior partner and chairman with Jones Lang LaSalle Ireland, whose clients include the Bank of Ireland workers' pension fund. The company advised the owners of the Irish Glass Bottle site before its €412m (£341m) sale in 2007. Nama has since asserted that Mulcahy did not have any personal involvement, but allegations he had been holidaying on the yacht of bottle site beneficiary Paul Coulson didn't help.

His appointment drew controversy because JLL was appointed one of Nama's key valuers. In 2010 it was revealed that he had held a €2.3m (£1.9m) shareholding in the company. Nama assured us by stating that Mulcahy must always leave the room when JLL matters are discussed.

Kevin Nowlan

Before Nama, he worked as MD at his father's property asset management consultancy WK Nowlan. Bill Nowlan had managed Irish Life's property portfolio when it was Ireland's largest.

Among WK Nowlan's clients listed on its website are Bovale and Nama. Previous to WK Nowlan, Nowlan junior worked for developers Johnny Ronan and Richard Barrett of Treasury Holdings, and before that he was at Anglo Irish Bank.

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