Micheál Martin (Cork South Central, Fianna Fail)
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88. To ask the Taoiseach when the terms of reference on the inquiry into Project Eagle will be finalised. [22099/17]

Enda Kenny (Mayo, Fine Gael)
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Following extensive consultations with Opposition party representatives, the Government yesterday (9th May) approved a draft Order establishing a Commission of Investigation to examine certain matters of public concern relating to certain transactions to which the National Assets Management Agency (NAMA) is, or was, a party. The Government also agreed terms of reference for the Commission which provide that it will, in the first module of its work, investigate NAMA's disposal of its Northern Ireland loan portfolio, referred to as Project Eagle. There will be scope to amend the Terms of Reference under section 6 (1) of the Commissions of Investigation Act 2004 to provide for further modules of investigation at a later stage.

This approach reflects a consensus view from Opposition representatives that a Commission on these lines should be established, notwithstanding the limitations which a Commission will face given ongoing criminal investigations and location of potential witnesses outside the jurisdiction, as well as the likely costs which a Commission will incur, which have been tentatively estimated at €10m.

Copies of the draft Order and the terms of reference for the Commission have now been laid before the Houses of the Oireachtas along with a statement of reasons for establishing the Commission, which is also required under the Commissions of Investigation Act 2004. In accordance with the Act, resolutions approving the draft Order must be made by the Dail and Seanad and I am arranging for the necessary motions to be put to the Houses for approval.