Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

NAMA continues to progress its mandate to maximise the return to the State, as evidenced in its 2015 annual report published on 8 June 2015. In addition to regular audited financial reporting, NAMA is subject to a significant level of oversight, including under sections 226 and 227 of the NAMA Act and section 9 of the Comptroller and Auditor General (Amendment) Act, which provide for regular reviews by the Comptroller and Auditor General and my Department of NAMA's performance.

There have been a number of calls for a commission of investigation into Project Eagle. The allegations of wrongdoing that are being criminally investigated are extremely concerning. We continue to monitor the situation as these criminal investigations progress. If appropriate lines of inquiry do come to light which could usefully be pursued by a commission of investigation they will be brought forward for consideration. However, all known allegations of wrongdoing are currently being investigated by the appropriate authorities. We support these investigations and stand ready to assist in any way that is helpful. The most notable investigation is being carried out by the UK National Crime Agency, NCA, a criminal investigation by the appropriate authorities in the appropriate jurisdiction. Importantly, NAMA advises me that the NCA has confirmed that no aspect of the agency's activities are under investigation.

NAMA has also appeared twice before the Committee of Public Accounts to discuss Project Eagle. Based on recent comments by the Chairman of the committee, I understand NAMA may soon appear for a third time to discuss these issues. In that context, the Comptroller and Auditor General is conducting a value for money review of Project Eagle.

There has been much confusion and conflation of issues. However, it remains the case that allegations of wronging have not been directed at NAMA. Taking into account the investigations under way, it is not clear what specific line of inquiry could usefully be pursued by a commission of investigation in this jurisdiction. I do not believe it is appropriate to launch a commission of investigation based purely on speculation, nor to interfere with current legitimate investigations.

This position of course will be kept under review.

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