Opinion

Cross-border inquiry needed on Nama loan sale

The decision by the Irish government to order an inquiry into the sale of Northern Ireland property assets by the National Asset Management Agency (Nama) was largely inevitable given the controversy surrounding this matter.

While this development is overdue it will nevertheless be welcomed by those wanting to see the full truth about this scandal uncovered.

Enda Kenny's move comes after a devastating BBC Spotlight investigation last week added to the considerable disquiet about the sale of Nama's northern loans which were sold to US investment fund Cerberus, in a deal called Project Eagle.

The programme showed Frank Cushnahan, then member of the of Nama's northern advisory committee, receiving £40,000 in cash from property developer and Nama client John Miskelly.

The allegations aired in Spotlight have raised further questions not only for Mr Cushnahan, who denies wrongdoing, but also key figures including former finance minister Sammy Wilson, who recommended him for the Nama post.

Incredibly, Mr Wilson, a serving DUP MP, has refused to watch the programme and has dismissed its makers in insulting terms.

No one can be in any doubt that this is an important issue involving public money and it is clearly in the public interest for these matters to be properly examined.

Investigations have already been launched into the deal by the UK's National Crime Agency, the US Department of Justice's Securities and Exchange Commission and Stormont's finance committee.

The Dail's public accounts committee has also examined Project Eagle with chairman Sean Flemming saying earlier this week that he hoped assembly members would travel to Dublin to help TDs question Nama chiefs.

Yesterday the Republic's Comptroller and Auditor General found Nama had losses of £162 million on deals linked to Northern Ireland properties, the vast majority from Project Eagle.

We do not yet know the nature of the Irish government's inquiry which is likely to come after consideration of the audit report.

However, this is firmly a cross-border issue and it makes absolute sense for this to be an all-Ireland investigation.