Mick Wallace (Wexford, Independent) | Oireachtas source

Yesterday, the Taoiseach said the Comptroller and Auditor General and the Committee of Public Accounts are the agencies in this jurisdiction for dealing with issues concerning the National Asset Management Agency, NAMA. We both know neither of them have the potential to fully hold NAMA to account. The legislation regarding the Comptroller and Auditor General does not allow for ongoing, intrusive oversight and monitoring and lacks asset management oversight functions. There are many concerns around the workings of NAMA.

Cerberus expects to make a large fortune from the purchase of Project Eagle. The £7 million that ended up in an Isle of Man bank account will begin to look like small change. The big loser, though, is the Irish taxpayer in the South. NAMA says the sale of Project Eagle was lawful, but was the purchase lawful? I would have thought that a Fine Gael Government would have a bit more concern about slush moneys for fixers. I doubt the Taoiseach has heard the last of Project Eagle.

Does the Taoiseach know how many barristers, judges, solicitors, top-four accountancy firm partners and bankers are in syndicates which have been set up by Goodbody Stockbrokers, Anglo Private, Bank of Ireland Private, AIB Private, Davy, Warren and Quinlan which have transferred to NAMA but which NAMA has not enforced, despite personal guarantees being attached? NAMA is responsible for some people being tossed out of their homes, but it looks like some of the great and good of Irish society are blessed with NAMA’s goodwill.

What role did a former Secretary General of the Department of Finance, John Moran, play in NAMA’s handling of the Coroin group’s portfolio? This gentleman remarked at one stage that the number of home repossessions in Ireland was unnaturally low. It would appear he was unnaturally interested in playing a significant role in the outcome of the Coroin group’s portfolio.

All is not well. I know of a construction company, Taoiseach, which wanted to exit out of NAMA, so it asked the manager of its portfolio if it could happen and he said, "Yes, but it will cost you €15,000 in cash and I want it in a bag".

See this speech in context