Joan Collins (Dublin South Central, United Left) | Oireachtas source

I support the motion tabled by Fianna Fáil. There are a series of questions regarding the sale of 850 properties in Northern Ireland and other issues to be addressed. That is why investigations are taking place by the US Department of Justice, the National Crime Agency in the UK, the PSNI and the Northern Ireland Law Society. All of the jurisdictions involved are investigating the very serious issues raised with one exception, this jurisdiction.

It is quite amazing and bizarre that this jurisdiction is not taking a much more investigative approach to Project Eagle. The Minister for Finance, Deputy Noonan, said there is no need for an investigation as there is no alleged wrongdoing by NAMA, which is a very broad statement to make. We know there are serious questions about the role of Frank Cushnahan, who was appointed to the Northern Ireland advisory committee by the then Minister of Finance, Brian Lenihan. It was a sub-committee of NAMA, its members were appointed by the then Minister for Finance and it was chaired by Frank Daly, head of NAMA.

The Northern Ireland advisory committee, while it functioned, was part of NAMA and, therefore, questions over the role of a former member in the Project Eagle sale are a matter for NAMA and should be a matter of concern to the Government. PIMCO, the US company which was interested in buying NAMA's Northern portfolio, claimed it was asked for a £15 million fee to be shared by Brown Rudnick, Tughans and Frank Cushnahan. The question is how much was Frank Cushnahan to receive from the £15 million fee and for what. Given his history with NAMA, was he being paid for insider knowledge? What was his relationship, if any, with Tughans? Who was to benefit from the £7 million in the Isle of Man bank account and to what end? They are very serious questions and they need to be answered and investigated.

The fact that we now have Project Arrow, when, as the Minister for the Environment, Community and Local Government said, we are in the middle of one of the largest humanitarian crises ever and are selling off large residential property portfolios in Ireland to vulture capitalism is crazy. It is a stark example of how capitalism works and how investors and big business are protected by states. The questions I have raised, along with what is happening with Project Arrow, are relevant for NAMA and reasons that a commission of investigation into Project Eagle is needed.

There is a large apartment block in Lansdowne Valley. The rents increased from €1,100 to €1,600 when it was bought by a vulture capital fund. Families have contacted us to ask us what we can do because they cannot afford the rents and will be forced out of their accommodation.

They cannot look for money from the State because they are working on low wages which have been cut over the period of austerity. We are allowing this to happen by fire-selling these properties to vulture capitalists. Whatever control we may have had with Irish investors and developers, we have none over these people in any shape or form.

See this speech in context