Mick Wallace (Wexford, Independent) | Oireachtas source

In January 2014, US investor Blackstone acquired three properties from Project Platinum for €100 million. It is now looking to offload them for €170 million. That is a profit of 70%, not 7%. Despite the fact the buildings were yielding approximately 6% per annum in rents, while NAMA's cost of money was less than 1%, there was still a panic to sell them.

Following PIMCO's allegations regarding kickbacks for fixers, why did NAMA allow the deal to proceed with the same players, Brown Rudnick and Tughans, involved? Did NAMA report the PIMCO allegations to the relevant law enforcement or the Government, and if it did, when? In a confidential letter from Brown Rudnick to the Minister for Finance in the North, Sammy Wilson, Brown Rudnick admits to acting for two clients with a strong interest in Project Eagle. Brown Rudnick ended up acting for PIMCO and Cerberus, which is not legal. This matter is now being investigated by the Securities Exchange Commission in America. Why did NAMA have no concerns about the involvement of Brown Rudnick and Tughans despite the revelations? The reserve price for Project Eagle was €1.3 billion. This was adjusted to €1.24 billion in April 2014 to reflect, NAMA told us, asset disposals which took place in the intervening period between the launch of the loan sale and its closing. Can the Taoiseach find out what are the details of these disposals?

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