Gerry Adams (Louth, Sinn Fein) | Oireachtas source

Three weeks ago, there was a motion before the Dáil calling for the establishment of a commission of investigation into the sale of NAMA's Northern loan book, Project Eagle. The Government and Fianna Fáil blocked this motion. The Taoiseach claimed that the allegations relating to the sale of Project Eagle had nothing to do with NAMA as an entity. Yet it emerged last week that the chairperson of NAMA, Frank Daly, wrote to the Standards in Public Office Commission, SIPO, in March to say that a member of NAMA's advisory board in Northern Ireland might have contravened the Ethics in Public Office Act while serving on the board. The Taoiseach will recall that this board member was alleged to have been charging clients fees for advice relating to NAMA. It is also alleged that he had an unethical working relationship with the head of asset recovery at NAMA which gave him access to sensitive commercial information. It is further alleged that he was lobbying on behalf of fee-paying clients to reduce loan repayments. In return, he would receive cash payments - the so-called fixer fees - and all this is very well documented.

Frank Daly's letter to SIPO rubbishes the notion put forward by the Taoiseach that the sale of Project Eagle has nothing to do with NAMA. It has everything to do with NAMA and there are serious questions for NAMA to answer in respect of all this. However, the Taoiseach says there is nothing to see. In respect of the SIPO complaint, NAMA needs to explain why it waited until March 2016 to write to SIPO when it was aware of the issues involved in March 2014. All of this is on the public record. Mr. Daly admitted as much to Deputy McDonald at a meeting of the Committee of Public Accounts.

These are serious allegations of financial corruption and insider dealing - criminal offences. This is the people's money that was stolen and yet these allegations are not being investigated in this State. There are ongoing investigations in Northern Ireland. The Northern Ireland Assembly inquiry found the Government's position to be very unhelpful.

There are also investigations in the USA. An investigation here, contrary to what the leader of Fianna Fáil has said, would not prejudice any of these ongoing investigations. The Government is proposing a new template for the IBRC commission which could work for an inquiry into NAMA. Will the Taoiseach now commit to establishing such a commission of investigation?

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