Gerry Adams (Louth, Sinn Fein) | Oireachtas source

I understand the British National Crime Agency has arrested two people today as part of its investigation into NAMA's Northern loan book, known as Project Eagle. For years now Sinn Féin and others have raised concerns about the sale of NAMA's loan books, including the sale and purchase process for its Northern loan book. The Taoiseach and the former Tánaiste, Deputy Joan Burton, have accused the Opposition of conflating the matter. Deputy Joan Burton described it as just a "Northern tale". I put it to the Taoiseach that it is actually a national scandal and a disgrace. The sale and purchase process for NAMA's Northern loan book has been the subject of serious allegations. It has been alleged that, as part of a cosy cartel that was in operation, insider trading took place, that payments were made to a golden circle and that illegal fixer fees were paid. This was brought to the attention of NAMA by a potential US bidder, Pimco. NAMA previously claimed that its Northern advisory committee was not privy to confidential information on the sale, but 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.

There are investigations in the North by the National Crime Agency, NCA, the law society and revenue. There was an Assembly inquiry which found the Government's approach very unhelpful. There are also investigations in the USA by the Securities and Exchange Commission, the FBI and other authorities. However, there is no investigation here. In this State, the Minister for Finance, the Government and NAMA have closed ranks. The chairman of NAMA, Mr. Frank Daly, said he briefed the Minister in full, including on the scandal of a fixer fee of £15 million sterling, which is totally irregular and illegal. Despite this, the Minister failed to suspend the Project Eagle sale process or to inform the office of the First Minister or Deputy First Minister. The Assembly inquiry noted this failure with regret. This is a public interest matter, which must be fully investigated.

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