Gerry Adams (Louth, Sinn Fein) | Oireachtas source

I have previously raised widespread concerns about the operation of the National Asset Management Agency, NAMA. This deals with billions of euro in public assets being sold to vulture capitalists behind closed doors and without any democratic oversight. NAMA has been ordered by the Government to wind up faster than its 2020 remit, which also raises concerns about a fire sale of assets; we have raised that issue here many times. Sinn Féin has little confidence that the Government is protecting the public interest.

The Minister for Finance, Deputy Noonan, was aware of concerns about the sale of NAMA's northern portfolio before it even happened because the matter was raised in the Dáil by an Teachta Pearse Doherty. Last week's allegations by an Teachta Mick Wallace suggest insider trading and political croneyism in that sale. These loans had a value of €4.5 billion, but NAMA allegedly sold them to the US vulture capital firm Cerberus for just €1.3 billion. Another US firm, Pimco, withdrew from the sales process in March last year after it brought to NAMA's attention an attempt by a former NAMA adviser, Frank Cushnahan, to solicit payments. Did NAMA report this whole business to the Minister? Did NAMA report to the Minister for Finance, Deputy Noonan, the reasons for Pimco's withdrawal? If it did not, is that not a question that needs to be answered? If it did, just three weeks after the withdrawal of Pimco, how did the Cerberus deal proceed, considering the involvement of many of the same actors? Will the Minister accept that this latest scandal demands the establishment of a commission of investigation into the management and operation of NAMA?

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