Fianna Fáil are using their Private Members’ Business time in the Dáil this week to call for the establishment of a Commission of Investigation into NAMA’s sale of its Project Eagle portfolio of assets associated with Northern Ireland debtors.
Speaking ahead of the Dáil debate, Fianna Fáil spokesperson on Finance Michael McGrath T.D. commented, “There is simply no room whatsoever for any question marks when we talk about the sale of a €5 billion State asset. The allegations made in relation to NAMA’s Project Eagle are truly shocking. We know as a fact that STG£7m ended up in account in the Isle of Man controlled by the former managing partner of Belfast law firm Tughans. Further allegations involving much larger sums have also been made. A criminal investigation and a parliamentary investigation into the transaction is underway north of the border.
“Any suggestion that a major NAMA transaction has taken place in a manner which is not entirely above board must be thoroughly investigated. Unless NAMA is exonerated by an independent Commission of Inquiry, a question mark will hang over NAMA and its entire approach. It is not sufficient for NAMA to say that the sale side of the transaction was fully above board. NAMA ultimately has to take responsibility for the integrity of the entire transaction.
“It is also essential for the integrity of the Dáil that a Commission of Investigation is established to find the truth of what happened with Project Eagle. Where serious accusations are made in the Dáil, it is important that they are scrutinised to ensure they are not entirely baseless and that parliamentary privilege has not been abused.
“A Commission of Inquiry would be, above all else, an investment in the reputation of NAMA and the integrity of the State and it is essential that such an investigation is established.”