Michael McGrath (Cork South Central, Fianna Fail)
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92. To ask the Minister for Finance the sale price for National Asset Management Agency Project Arrow loans; the discount on the original face value of the loans; the discount on the carrying value of the loans on the agency's books; and if he will make a statement on the matter. [38773/15]

Michael McGrath (Cork South Central, Fianna Fail)
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106. To ask the Minister for Finance if he is satisfied for the National Asset Management Agency's Project Arrow to be completed while investigations are ongoing into Project Eagle, which may potentially have implications for Project Arrow; and if he will make a statement on the matter. [38792/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 92 and 106 together.

I am advised by NAMA that a preferred bidder has been selected, Promontoria Holding 176 B.V., an affiliate of Cerberus Global Investors (Cerberus), for Project Arrow.

The sales price is a matter for the parties to the sale and as I have previously stated, as Minister for Finance I do not have a role in individual NAMA sales and I do not comment on the commercial details of such sales.

All sales are a matter for the NAMA Board in line with its statutory independent commercial mandate to maximise the return to Irish taxpayers from the management and sale of loans and the property and other assets securing those loans.

In respect of Project Eagle, investigations are ongoing in other jurisdictions and this is appropriate given allegations against certain individuals on the periphery of the buyer side of this transaction. However, as has now been outlined numerous times, there has been no allegation of wrongdoing against NAMA nor, to my knowledge, against Cerberus regarding their role in the Northern Ireland Loan Sale process.

If the Deputy is suggesting wrongdoing on behalf of Cerberus in relation to the purchase of the Project Eagle portfolio, I would strongly encourage him to provide the relevant authorities with whatever evidence he has in his possession. If the Deputy has no such evidence, I question his basis for this line of enquiry into the Project Arrow sale. 

I reiterate that I am not aware of any investigations in any jurisdictions into NAMA in respect of the Project Eagle sale.

The Deputy will also be aware that Cerberus previously provided confirmation that it acted within all applicable laws within all jurisdictions relevant to this sale and that no fee was paid to any party connected with NAMA.  Cerberus also has outlined its understanding that any investigations that are ongoing relate to third parties not affiliated to Cerberus. Furthermore, the NAMA Chair has confirmed at the recent PAC appearance on 1 October 2015, that the investigations are not focused on the conduct of NAMA. 

Given this, there is absolutely no basis for intervening in the sale of Project Arrow which has been conducted by NAMA in line with the highest international standards and which will generate the best available return to the Irish taxpayer.

NAMA has put huge effort into preparing for, bringing to market and completing loan and asset sales processes, which include some of the largest portfolios to come to market in Europe. These sales significantly contribute to NAMA's debt redemption targets and its obligation to achieve maximum return to the State.

The Oireachtas, in framing the NAMA Act, ensured that NAMA would be independent in its decision making so as to avoid a position where persons would seek to influence decision-making in a way that would serve only certain vested interests. By extension, such interference would be detrimental to the interests of Irish taxpayers.