DUP ministers and government officials were out of their depth when they helped line up the £1.25bn sale of Nama's northern loan book, a Stormont watchdog has concluded.
In its progress report into US vulture fund Cerberus's controversial purchase of the Project Eagle portfolio, the assembly's finance and personnel committee said ministers and senior civil servants involved in negotiating aspects of the deal – including ex-DUP leader Peter Robinson and former finance ministers Sammy Wilson and Simon Hamilton – had "insufficient professional advice to fully assess the strategic considerations" of the sale.
Nama's sale of its northern debt portfolio has been mired in controversy since last July when independent TD Mick Wallace claimed £7m lodged in an Isle of Man bank account was "reportedly earmarked" for a Northern Ireland politician.
Mr Wallace's statement sparked separate parliamentary probes on both sides of border and a criminal investigation by the UK's National Crime Agency. The regulatory authorities in the US are also reported to be scrutinising the sale.
In the aftermath of the Wexford TD's claims, attention was focused on Ian Coulter, the former managing partner of Belfast law firm Tughans, and Frank Cushnahan, a long-time friend of Mr Robinson's and a one-time member of Nama's Northern Ireland Advisory Committee.
Nama revealed in July that a planned sale of Project Eagle to another US fund had been halted after it emerged that Mr Cushnahan was seeking a £5m fixer's fee.
Despite efforts by Stormont's finance and personnel committee to question Mr Cushnahan and Mr Coulter, neither has made themselves available. However, the committee did quiz the former first minister, as well as Mr Wilson and senior Department of Finance and Personnel (DFP) officials.
Others who appeared before the watchdog included high-profile loyalist Jamie Bryson, developer Paddy Kearney and OFMDFM special adviser Richard Bullick.
The committee has acknowledged that its probe is incomplete and has urged its successor in the next mandate to continue to examine the circumstances of the Project Eagle sale.
The issues highlighted by MLAs in the progress report include:
:: Concerns about the role played by executive ministers in appointments to Nama's northern advisory committee;
:: A recommendation that meetings between ministers and business people are minuted;
:: Ministers and officials had insufficient professional advice on the Project Eagle sale;
:: Criticism of Nama for its refusal to appear before the committee;
:: Criticism of the Republic's finance minister Michael Noonan for not halting the sale after demands for a fixer's fee;
:: Concern about reputational damage to the Department of Finance and Personnel, Stormont executive, dublin government and Nama;
The MLAs' report also points to a number of areas which require further exploration, including a meeting Mr Robinson and Mr Wilson held with a Mr 'Schwartz/Swartz' that had been organised by Frank Cushnahan and related to the sale of Project Eagle.
Other concerns include the assertion by Brian Rowntree that he and fellow northern advisory committee members would have has access to commercial information, a claim previously disputed by Nama.
The committee also raised concerns about recent BBC footage which showed Mr Cushnahan talking about a £1m fee he received for his role in the sale of Project Eagle.
