Micheál Martin (Cork South Central, Fianna Fail)
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218. To ask the Minister for Finance if his officials are working on the terms of reference for a commission of inquiry into Project Eagle, which is under the remit of his Department. [7053/17]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will be aware that, on 15 September 2016, the Taoiseach met party leaders with a view to hearing their views on the potential establishment and suitable terms of reference of a Commission of Investigation.  The Taoiseach subsequently received a number of submissions on the matter. 

The Taoiseach met the party leaders again on 4 October 2016 and agreed in principle that the Government will establish a Commission of Investigation under the Commissions of Investigation Act 2004 to investigate into matters of significant public concern in relation to NAMA.

I am advised that the party leaders acknowledged that there will be limitations on the Commission's work given the location of potential witnesses and documentation outside the jurisdiction and in light of ongoing criminal investigations.

In addition, Statements on the Establishment of Commission of Investigation into NAMA were taken in this House on Wednesday, 1 February 2017.   As indicated on that occasion, the sensible course of action is to wait for the report of the Public Accounts Committee ("PAC") before deciding on next steps.  

During those Statements, I reiterated that we have confirmed there is currently an agreement, in principle, to establish a Commission of Investigation.  However, we do not currently have sufficiently specific terms of reference supported by evidence to justify the establishment of a Commission of Investigation.  For this reason it is important that we receive the report of the Public Accounts Committee on Project Eagle and consider any further information this report may bring to light, the findings it presents and the evidence substantiating such findings.

This Government and many Deputies, including the PAC Chairman, are aligned in the understanding that the imminent PAC report will be invaluable in assessing our next steps.  We should consider and debate the contents and findings carefully before establishing any potential terms of reference for any such Commission of Investigation.  There may be well questions currently being suggested for a Commission of Investigation which will be adequately covered off by the PAC report.  There may also be findings supported by evidence which warrant further investigation.

It is sensible that the Oireachtas will fully study and debate the PAC report when it arrives.  The agreement in principle to establish a Commission of Investigation remains.  However, we should not establish Commissions of Investigation lightly and must ensure that any Commission of Investigation has specific terms of reference supported by evidence to justify its establishment.  Commissions are expensive and time consuming but serve an important purpose when other avenues of justice are not appropriate and when they are properly established on the basis of evidence to support their terms of reference.