Catherine Murphy (Kildare North, Social Democrats) | Oireachtas source

I reluctantly support the setting up of this commission of investigation because I believe an inquiry should be held. However, it was predictable that matters should come to this. The investigation is to be specifically limited to Project Eagle and the controversial sale of the Northern Ireland loan book. It is clear that serious questions arise regarding the wider operations of the National Asset Management Agency and the agency's impact on the economy. While Project Eagle clearly requires specific investigation, there is no reason it could not be the first module in a wider commission of investigation.

The Minister for Finance, responding to questions in the House on the oversight of NAMA, repeatedly stated the Comptroller and Auditor General had a supervisory role in respect of NAMA. This overstates the role of the Office of the Comptroller and Auditor General, which has an audit rather than supervisory role. This is a major deficiency and the Minister's statements give a false impression of the type of oversight that applies. This goes back to the establishment of NAMA.

As a member of the Committee of Public Accounts, I was involved in the report on the sale of Project Eagle. I am, therefore, well acquainted with most of the details pertaining to the sale that were within the scope of the Comptroller and Auditor General's report. Wider issues arise, however, which is the reason the commission of investigation is being established. Serious concerns were raised regarding the appropriateness of the Minister for Finance and NAMA officials meeting Cerberus on the day before the bidding process closed and they were sufficient to divide the Committee of Public Accounts for the first time in its history. Those operating in the world of big business will confirm that even a perception that Cerberus had an inside track would be seriously off-putting for other bidders and could reduce the amount that could be obtained for other distressed assets.

It must be noted that Cerberus got the lion's share of the transactions involving billions of euro. I am confident that this, coupled with the knowledge that Cerberus held meetings with the Minister, NAMA and other bidders, has the potential to give the impression at the very least that it was the preferred-----

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