Mick Wallace (Wexford, Independent) | Oireachtas source

They have made a fortune at the expense of the Irish people. They bought loans from NAMA for peanuts, paid a bribe to get Project Eagle in the North and we are fine with that. God help us. What will the history books tell us? I hope they detail statements the Government made in this House in its efforts to defend what has taken place. I remember begging Fine Gael and the Labour Party several times in 2015 not to sell Project Arrow or allow NAMA to continue with the sale of those loans to Cerberus. The loans in Project Arrow had a par value of more than €6 billion and it was sold for €800 million. The sale included approximately 2,000 units and all of those properties are in the Republic of Ireland. We had a housing crisis in 2015 and before that as well. Why did the Government allow that to happen? NAMA belongs to the State. When the agency was set up we were told its purpose was to place assets in cold storage and sell them only when the market had recovered. They were then sold for a fraction of their value way ahead of time. I am convinced that the behaviour of NAMA has cost the State between €20 billion and €25 billion, at a minimum. That the Government allowed that to happen is terrible.

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