Mick Wallace (Wexford, Independent) | Oireachtas source

There is growing concern regarding the workings of NAMA and whether the taxpayer has been well served by it . The Taoiseach seems content that all is well, but I know many people who think otherwise. The Tánaiste is an accountant and might have more concerns than the Taoiseach. There have been disturbing allegations around the largest ever sale of property in the history of the island of Ireland. The Northern Ireland loan portfolio, Project Eagle, involving more than 850 properties with a par value of €4.5 billion, was sold to US private equity firm Cerberus Capital Management for less than €1.5 billion, a surprise winner of the tender.

In June 2012, following consultation with the Minister for Finance, Deputy Michael Noonan, and Mr. Sammy Wilson MLA, NAMA reappointed Mr. Frank Cushnahan and Mr. Brian Rowntree to the Northern Ireland Advisory Committee. Two weeks later, a report by a Northern Ireland auditor's office seriously questioned the stewardship of the Northern Ireland Housing Executive, which led to the resignation of Brian Rowntree and Frank Cushnahan. The report found breaches of housing executive guidelines in the sale of at least 27 land deals, the executive board being given wrong or no information relating to key property deals, favoured property speculators were allowed to buy land well under market value, expressions of interest from other parties not being declared or considered, and at times no reasons being offered for some off-market sales.

These two individuals stayed in NAMA, one of them up until the summer of 2014. Does the Tánaiste think this was a good idea? Back in 2009, the Tánaiste proposed an oversight committee for NAMA, with the purpose of informing the public about what is happening in NAMA. In the past four and a half years, has the Tánaiste at any time considered putting that idea forward again? Given this has not been done, does the Tánaiste believe now is the time for a serious look at how NAMA operates? We need an independent inquiry to see if the interests of the taxpayers have always been the top priority for NAMA.

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