Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

There are questions that have to be answered and I believe a commission of investigation is the best way to get these answers in an open, transparent and accountable way. If NAMA is adamant that there has been no wrongdoing and it has fulfilled its objectives to deliver the best possible outcomes for the taxpayer, it should have no reason to fear a commission of investigation. However, there is no room for any question marks when we talk about these sales. Shocking allegations have been made about NAMA's disposal of the Project Eagle portfolio and that warrants a commission of investigation sooner rather than later.

We had the sale of loans in a sale value of a certain amount and there was a massive sale. They seem to have been acquired at a significant discount and then sold on for an even lower price. Sometimes when we are discussing financial matters, perspective can get lost in the number of zeros after these figures. However, we can only imagine what could have been with the €500 million lost in vital areas such as mental health services, housing or the community sector.

There are also questions about how loans are grouped together in such clusters that it appears only foreign vulture funds have the ability to purchase them. There are legitimate questions to be asked about the strategy being pursued in that respect.

I would also like to raise worrying questions about the Project Jewel portfolio which involved the sale of assets around Moore Street. What exactly was NAMA's function in that sale? It is remarkable that in the case of Project Jewel, the State bought a designated national monument back from itself - it bought it from NAMA which is State-owned at an inflated price - whereas the developer from Chartered Land had a very nice annual salary paid to him by NAMA. There will always be a shadow over NAMA unless it is promptly exonerated by an independent commission of investigation.

The Minister spoke about NAMA in glowing terms, but there is no doubt that the glow has been tarnished. I will mention some of the agencies and interests with which it has been associated. It has had links with the UK National Crime Agency, the US Department of Justice, the FBI, accountants, solicitors and bankers. It has had seats on various bodies. It has been linked with various politicians and parties. We have learned about confidential information, success fees, acquisition fees and moneys being transferred offshore. These are all the ingredients of a novel in the thriller genre. They belong to Lee Child or John le Carré, rather than to what is supposed to be going on in the public interest.

I have been at a number of meetings with Ministers and departmental officials recently to discuss Estimates. The common denominator is that we are supposed to be getting value for money for the funding that goes into the various bodies. There are major questions to be asked about the value we are getting from NAMA. I support what Deputy Mick Wallace has been trying to do with the commission of investigation. Are we dedicated to transparency and truth, or are we just paying lip service?

See this speech in context