Government to set up inquiry into sale of Project Eagle by Nama

The Government has agreed to establish a commission of investigation into the sale of Project Eagle by the National Asset Management Agency.

Taoiseach Enda Kenny met party leaders yesterday evening and told them the inquiry would be complete by the end of 2017 and would be headed by a serving or retired judge.

It was agreed a statutory commission of investigation would be established without delay.

Mr Kenny said the proposal would have to be voted on by both Houses of the Oireachtas. Further meetings would take place to establish terms of reference for the inquiry.

Loan portfolio

The Government had committed to an investigation into the sale of the

Northern Ireland

loan portfolio, which has been labelled Project Eagle.

This follows a report from the Comptroller and Auditor General which found the sale resulted in a €220 million loss to the taxpayer.

It also raised concerns about why Nama diverted from normal procedures in selling the loan book.

Fianna Fáil, Sinn Féin, Labour and the Independents have supported calls for a commission of investigation.