Nama

Nama property sale inquiry ordered by Dublin government

Stormont MLAs could help question Nama officials at the Dail's public accounts committee on September 22
By Ed Carty, Press Association

The Dublin government is to order an inquiry into the controversial £1.2 billion sale of Northern Ireland property assets by bad bank Nama.

The Project Eagle deal with US investment fund Cerberus in 2014 has been dogged by scandal for more than a year, including £7 million linked to it being found in an Isle of Man bank account.

The Dublin government confirmed the Public Accounts Committee would first examine a Comptroller and Auditor General report into the affair before a formal inquiry is launched.

"The government's objective is to ensure that all matters of public concern are addressed in a speedy and effective manner," a spokesman said.

Project Eagle involved loans linked to more than 800 properties in the north being sold in one lot to the New York investment firm which boasts former US vice president Dan Quayle in its ranks.

Taoiseach Enda Kenny offered to meet opposition leaders on Thursday to identify areas of public concern around the deal that need to be investigated and how that should be carried out.

There have been calls for a cross-border inquiry due to the limitations of parliaments in Dublin and Belfast and their inability to compel witnesses from other jurisdictions.

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Project Eagle has been examined on previous occasions at the Public Accounts Committee in Dublin.

Investigations have also been launched into the deal by the UK's National Crime Agency, the US Department of Justice's Securities and Exchange Commission as well as a parliamentary inquiry in Stormont.

Sinn Fein president Gerry Adams described the offer of an inquiry as welcome but belated.

"Sinn Fein has consistently called for an inquiry into the sale of Project Eagle and at each turn the government and Fianna Fail have bizarrely sought to frustrate and delay it," he said.

Mr Adams called for governments and statutory agencies in the north and south to give maximum co-operation to the inquiry.

Nama is the so-called bad bank set up in 2010 to take loans linked to property investments off bailed-out Irish banks at a discount.

It is on course to make a more than 1.75 billion euro profit on its deals by 2020 but has faced repeated questions over its handling of Project Eagle after Cerberus offered ?1.241 billion - just ?1 million above the reserve price.

Mr Adams alleged earlier this year under parliamentary privilege that a member of Nama's Northern Ireland advisory board offered to disclose information on the value of the portfolio to one bidder, US investment house Pimco, and demanded a ?15 million fee.

Nama chairman Frank Daly has insisted the Eagle deal was not corrupt and that taxpayers got value for money.

Project Eagle was valued by Nama at 27p in the pound, with some assets worth as little as 5p in the pound.

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