Paul Kehoe (Wexford, Fine Gael) | Oireachtas source

The exact requirements of the commission will become clearer once the commission is established and begins to scope out its work in more detail. The appointment of staff and their terms and conditions will be subject to approval by the Taoiseach as the specified Minister with the consent of the Minister for Public Expenditure and Reform. Significant costs may arise in recruiting independent specialist financial expertise, possibly from overseas. Based on an initial assessment and taking account of the cost estimate for the IBRC commission to investigate one transaction, an approximate cost of €10 million is proposed. This may be an over-estimate if the commission does not suffer from the same level of third party costs and other challenges faced by the IBRC commission. Nonetheless, this estimate was conveyed to the Opposition leaders at all times during the Taoiseach’s discussions with them. It is important to note that this estimate refers to the proposed first module of the commission’s work on NAMA’s sale of Project Eagle only. I believe there is a shared commitment and resolve among the Members of this House that the matters giving rise to public concern regarding the sale by NAMA of its Project Eagle portfolio are investigated thoroughly, effectively and in a timely manner. The Government and the Opposition leaders have agreed that a commission of investigation is the best method of answering the questions that have been the subject of much media and public debate. I commend the motion to the House.

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