Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The only ongoing commission of investigation for which I am the specified Minister is the National Asset Management Agency, NAMA, commission of investigation. As with all such commissions, it is fully independent in its investigations.

The commission was established in June 2017, following consultations with Oireachtas parties, to investigate the sale by NAMA of its Northern Ireland portfolio, known as Project Eagle. Its original deadline for reporting was 31 June 2018 but, following several requests from the commission and consultation with Oireachtas parties, its timeframe for reporting has been extended. In this context, it should be noted that the commission’s original sole member was Mr. Justice John Cooke, a retired judge of the High Court. Mr. Justice Cooke sadly passed away in April 2022 and the then Taoiseach, Deputy Micheál Martin, subsequently appointed Ms Susan Gilvarry to be the new sole member of the commission in June 2022.

In July 2023, the commission submitted its 16th interim report to me and requested a further extension to its timeframe for reporting until the end of March 2024. In this latest interim report, the commission noted that it was well advanced in the preparation and finalisation of its draft final report and that it would shortly commence circulating it to relevant persons, some of whom reside outside the jurisdiction. This is required by the Commissions of Investigation Act. The interim report also noted that the commission would take all submissions received into account in formulating its final report and that, during this extension, it would also invite, consider and determine requests for recovery of legal costs and other expenses necessarily incurred pursuant to section 24 of the Act. From the time of its establishment to the end of September 2023, the commission cost approximately €6 million. This excludes third party legal costs incurred but not yet paid.

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