Gerry Adams (Louth, Sinn Fein) | Oireachtas source

For years Sinn Féin has raised concerns about the sale of NAMA's loan books, including its Northern loan books. I have raised the issue with the Taoiseach on several occasions. It is not just an issue about the North or, as the Tánaiste described it, just a Northern tale; rather, it is a national tale.

The revelations, which the Minister conceded in his remarks today, that an illegal £15 million fixers fee was to be paid to individuals involved in the sale of the Northern loan book was brought to the attention of NAMA by PIMCO, a potential US bidder. NAMA previously claimed that its Northern advisory committee was not privy to confidential or useful information regarding the sale. It has since been disclosed that the committee discussed potential purchasers on at least two occasions before the loan book was sold at a huge loss to Irish taxpayers.

Belfast accountant Mr. David Watters has claimed that he devised a concept to sell all of NAMA's Northern loans in a single portfolio in a letter he drafted, which has been disclosed and reported publicly. Mr. Watters called his proposal Project Amani, which we know now became NAMA's Project Eagle. He brought in Mr. Frank Cushnahan, then a member of NAMA's Northern advisory committee, to work with him on the concept.

We also now know, through correspondence released by PIMCO to the North's Assembly inquiry, that Mr. Cushnahan was present at a meeting with them as a potential bidder on 22 July 2013. This meeting also involved First Minister Peter Robinson, Sammy Wilson, Ian Coulter, Tughans and Brown Rudnick. Mr. Cushnahan was at that time still an active member of the NAMA advisory committee and did not resign until November 2013. NAMA has since confirmed that he did not declare any conflict of interest.

Businessman Mr. Gareth Graham has testified that he possesses thousands of phone calls exposing inappropriate and possibly illegal contact. NAMA's chairman, Mr. Frank Daly, said he briefed the Minister, Deputy Noonan, in full, including the scandal, something the Minister conceded, of the £15 million fixers fee. Despite this, the Minister failed to suspend the Project Eagle sale process or inform the North's Offices of First and Deputy First Ministers.

It is crucially important that the role and responsibility of the Irish Government regarding this entire issue is transparent. That is the intention of the Sinn Féin amendment to the motion. It is also a fact that the shenanigans around this - it is now a matter of public record - are under criminal and parliamentary investigation by the Assembly, the British National Crime Agency, the US Department of Justice, the FBI, the US Securities and Exchange Commission and the Law Society in the North. There is evidence, in all of these investigations at least, of the validity and importance of the concerns expressed by Sinn Féin.

The Irish Government continues to defend NAMA blindly and to deny there is any scandal whatsoever. It continues to refuse to establish a commission of investigation. NAMA is an arm of the State. The money is the people's money and NAMA should be accountable. It was established in the name of the taxpayer and it is the responsibility of the Oireachtas, particularly the Government, to ensure it does its work properly and commands the full public trust and the confidence of citizens in securing the best value for Irish taxpayers.

It was only today that the Minister came into the Dáil to make a statement. I missed the first part and am studying the rest. We may come back to the issue, but every week new details about NAMA and the sale of the Northern loan book emerge. It is obvious to anyone who follows this that the easy way to deal with it is to bring in independent investigators and have a commission of investigation conduct a full and proper examination of all the facts. I urge Deputies to support the Sinn Féin amendment and again call on the Government, as a matter of urgency, to establish a commission of investigation.

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