Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

For the purposes of clarity, there are, of course, two jurisdictions currently on this island but there is one NAMA. The person who is answerable in the final instance for the behaviour of that State agency is not the Comptroller and Auditor General but, in fact, the Minister for Finance. Second, the Comptroller and Auditor General does not have staff or personnel on the board of NAMA, as the Taoiseach asserted a few moments ago. Finally, NAMA has refused to appear before the finance committee in the North to which the Taoiseach referred.

As with each scandal that unfolds on the Taoiseach's watch, the scale of what is going on in the secret world of NAMA is only slowly, piece-by-piece emerging into the light. No information has surfaced through any action or admission by the Government or its agencies. For instance, the £15 million kickback for fixers involved in the original sales process for the Northern book were only brought to NAMA's attention by a potential US buyer, Pimco. One proposed recipient of this kickback was Mr. Frank Cushnahan who, incredibly, had been a member of NAMA's northern advisory committee and appointed by the Minister. NAMA chairman, Mr. Frank Daly, told the Committee of Public Accounts of which I am a member that he briefed the Minister for Finance, Deputy Noonan, in full on this scandal, including the size of the proposed payment of £15 million. The question has already been asked, but not answered, as to why Deputy Noonan did not at that point suspend the sales process. There is a further question as to why the Minister did not inform the Executive of this turn of events and the pollution of the sales process.

Mr. Daly also says that NAMA was fully aware that the Belfast solicitors, Tughans, who by the way had a close relationship with Mr. Cushnahan, also acted for NAMA debtors.

Imagine - they were potentially on two sides of a transaction. Will the Taoiseach tell the Dáil whether Tughans acted for debtors on the Northern loan book?

Perhaps the most breathtaking aspect was the revelation over the weekend that Mr. Frank Cushnahan was a NAMA debtor when appointed to the Northern Ireland advisory committee. Will the Taoiseach comment on this? NAMA's chairman, Mr. Frank Daly, did not give this piece of information when he appeared before the Committee of Public Accounts. Was the Minister for Finance, Deputy Michael Noonan, aware of this fact?

In the light of these glaring questions and to ensure the interests of taxpayers are fully served, will the Taoiseach establish a commission of inquiry into the management and operation of NAMA?

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