Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

As outlined to the Deputy in my written response to Parliamentary Question No. 107 on 29 June 2017, I am advised by NAMA that while Project Shift began as an asset sale it ultimately transacted as a loan sale.

While Project Shift and Project Eagle were two separate transactions and were completed as such, given that the same purchaser ultimately was involved in both transactions, it made sense to complete both sales as loan sales. As a result, the Project Shift transaction, which begun as an asset sale, was ultimately transacted as a loan sale. By doing so, NAMA was able to ensure the consistent and efficient completion of the disposal of all of the debtor's loans to Cerberus across both transactions.

The Deputy will be also aware that the previous Taoiseach signed SI 267 of 2017 on 13 June 2017 establishing a commission of investigation into Project Eagle. I am advised by NAMA that is likely that the commission of investigation, the terms of reference of which have been approved by Members of the Oireachtas, will consider that Project Shift falls within those terms of reference. On that basis, I am advised by NAMA that it considers it sensible not to comment further on these matters, but that the agency will co-operate fully with the work of the commission and, in the course of that work, NAMA will provide the commission with materials in respect of Project Shift and will answer any questions the commission may have relating to that project.

However, as was previously pointed out to the Deputy in Parliamentary Questions Nos. 15 and 31 of 18 May 2017, NAMA has advised that Project Shift was not discussed at meetings of the NAMA Northern Ireland advisory committee.

More generally, the Deputy will be aware that the former Minister for Finance and my Department are subject to one of the terms of reference of the commission. It would not be advisable for me to comment on any specific matters relating the commission's work now that it has been established and is operational. The Deputy will be aware that Mr. Justice John Cooke has been appointed to lead the commission of investigation. I am sure he will examine all relevant matters within the terms of reference.

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