Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank all Deputies who spoke in this debate. Having listened very carefully to all the contributions, I more convinced than ever that a full commission of investigation into Project Eagle is required. The Minister of State and the Minister consistently made the point that no allegations of wrongdoing have been made against the National Asset Management Agency. They also asked why my party is calling for an investigation into NAMA. We are not calling for an investigation into NAMA but into a transaction to which NAMA was a key party, namely, Project Eagle. That is the fundamental difference.

I commend the Committee of Public Accounts on the work it is doing under the leadership of Deputy John McGuinness. The committee cannot get to the bottom of this issue because it can only go so far. A full statutory commission of investigation with extensive powers is required. This issue will run and run because the underbidders in the Project Eagle sale may well take legal action. Criminal investigations are under way in Northern Ireland. If issues are identified that need to be dealt with, the House and the Government will regret not taking the opportunity to hold a full commission of investigation. The Government is hiding behind the Comptroller and Auditor General's value for money review of Project Eagle, the purpose of which is to ascertain whether the transaction delivered value for money. That is not the full picture, however, because the questions go far beyond value for money. Questions also arise regarding the entire governance arrangements in place for the transaction, the integrity of the transaction, the appropriateness of the relationships between the people involved in it and the decision-making process. It is not only about value for money or the sale of loans for a fraction of their book value of more than €5 billion. These are not the issues. The issue is the way in which the transaction was conducted and the decision-making process involved.

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I listened to the Minister, Deputy Noonan, say last night that he was determined that politicians would not be involved in decisions around and the operations of NAMA. Politicians were crawling all over this transaction and Project Eagle. There were phone calls, meetings and letters, particularly in Northern Ireland. That is very clear. The suggestion that politicians had no involvement whatsoever is utter nonsense. It is not supported by the facts. In his evidence to the Stormont finance committee, the First Minister, Peter Robinson, said that he attended a meeting with PIMCO in May 2013 which he believes was organised by either Mr. Cushnahan or Mr. Coulter. Certainly, Mr. Cushnahan attended that meeting in May 2013 while still a member of the Northern Ireland advisory board to NAMA. He remained a member of the board for a further six months. NAMA says it knew nothing about that meeting. Subsequently, it emerged from PIMCO that Mr. Cushnahan was seeking a £5 million success fee if that company was successful in purchasing Project Eagle. Does that not set the alarm bells ringing in the minds of Government Deputies and Ministers that this issue warrants much greater investigation than currently has happened? The PAC will not be able to deal with it and the remit of the Comptroller and Auditor General is too narrow in respect of the full breadth of the issue.

NAMA should attend the inquiry in Stormont if it has nothing to hide. It would be in a purely voluntary capacity and that is acknowledged. Why will it not go, take questions from the MLAs there and answer them to the best of its ability? We are talking about an all-island economy and co-operation between North and South. There is a perfect opportunity for that to be demonstrated by NAMA co-operating with the inquiry. We have a situation where we know the Stormont Executive was involved in drafting a memorandum of understanding, as Deputy John McGuinness said, which would involve releasing the debtors involved in Project Eagle from any personal guarantees. The notion that the transaction was beyond politics, entirely independent and without inappropriate involvement is something I do not accept. We will regret the day that we vote down the motion and fail to set up a commission of investigation into Project Eagle.

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