Taoiseach rejects NAMA inquiry call as police in North conduct fraud probe arrests

THE Taoiseach should immediately establish a Commission of Investigation into the sale of the National Asset Management Agency’s Northern loan book, Project Eagle, Sinn Féin leader Gerry Adams said in the Dáil on Tuesday evening.

Taoiseach Enda Kenny has rejected the call despite the arrests by the Fraud Squad in the North of two men – including a former NAMA adviser – in a police probe in Belfast into a €1.5billion property deal.

In the Dáil, Gerry Adams said that “for years now” Sinn Féin has raised concerns about the sale of NAMA’s loan books, especially the sale and purchase process of Project Eagle.

“Both the Taoiseach and the former Tánaiste Joan Burton accused the Opposition of ‘conflating’ the matter. Deputy Burton actually described it as just a ‘Northern tale’. It is actually a national debacle,” Gerry Adams said.

“The sale and purchase process of NAMA’s Northern loan book has been the subject of serious allegations of a cosy cartel of insider trading, payments for the Golden Circle, and the payment of illegal fixer fees.

“NAMA previously claimed that its Northern Advisory Committee was not privy to confidential information regarding the sale. It has since been disclosed that the committee discussed potential purchasers on at least two occasions before the loan book was sold at a huge loss to Irish taxpayers.

“NAMA’s Chairman, Mr Frank Daly said he briefed Finannce Minister [Michael] Noonan in full, including on the scandal of the £15million fixer fee, which is totally irregular, and illegal.

“The Minister accepts this but he failed to suspend the Project Eagle sale process or inform the Office of First and deputy First Ministers. Again, the Assembly inquiry noted with regret this failure.

“In the public interest, the whole matter must be fully investigated to get to the bottom of allegations of wrongdoing and cosy cartels which have cost the Irish state hundreds of millions of euro.

“The Government should commit to the immediate establishment of a Commission of Investigation into the sale of Project Eagle.”

NAMA was set up by the Irish Government in the Emergency Budget in April 2009 in response to the financial crisis. It has been described as a ‘bad bank’ established to mop up toxic assets in Ireland’s financial system.