Thomas Pringle (Donegal, Independent) | Oireachtas source

It is beyond time for a commission of investigation into the role of NAMA. In his earlier contribution, the Minister for Finance, Deputy Michael Noonan, talked about how NAMA has done so well in recovering funds for the State. However, one would have to wonder if the Project Eagle sale had been handled properly how much extra NAMA's surplus for the State would be. We must consider that the bid by Cerberus was 0.1% above the reserve price. The reserve price was €1.24 billion and it paid €1.241. That should lead to questions that need to be answered.

Some £7.5 million was put into a bank account in the Isle of Man to pay off fixers. When one bidder informed NAMA that this was being sought and the bidder withdrew, NAMA did nothing. There have been investigations by the Northern Ireland Assembly, the Securities and Exchange Commission in New York and the National Crime Agency in the Six Counties, yet there has been nothing in this jurisdiction. The Comptroller and Auditor General may be preparing a report, but it is only a report into the value for money and whether NAMA got a good deal on the money it received on the sale of the loan book. That in itself should show enough. However, that two people were arrested on fraud charges and are out on bail in another jurisdiction should show that we need an investigation into NAMA here. While the Minister outlined some successes under the NAMA Act in prosecuting employees of NAMA for leaking information or using information, there has been no investigation of NAMA itself.

We need to see if we should have recovered more, which is vital for the taxpayers. There has been much emphasis on the fact that NAMA will be a success. While that may be so, it could have been a bigger success if it were managed and run properly.

I believe Deputies have outlined a wide range of concerns, as the Minister requested. These show that there is enough here for a commission of investigation to take place.

Fianna Fáil has carried out a volte-faceon an investigation into NAMA compared with its position outlined in its Private Members' time in October 2015 and even a few weeks ago when the Fianna Fáil leader, Deputy Micheál Martin, raised it on Leaders' Questions in the House. I believe that was after the arrests had taken place in the Six Counties. Fianna Fáil's excuse today that the arrests had changed the field does not stand up. When we look at the confidence and supply arrangement that Fianna Fáil has provided for Fine Gael in this session, it is obvious that Fine Gael has the confidence that Fianna Fáil will supply the cover for it when it comes to NAMA.

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