Politics

Mick Wallace threatens to disclose new Nama allegations

Independent TD wants Government to establish wide-ranging inquiry into the agency

Independent TD Mick Wallace on Kildare Street, Dublin. File photograph: Dara Mac Dónaill/The Irish Times
Independent TD Mick Wallace on Kildare Street, Dublin. File photograph: Dara Mac Dónaill/The Irish Times
Sarah Bardon
Thu Sept 22 2016 - 01:00

Independent TD Mick Wallace says he has received "a lot of new allegations" about the National Asset Management Agency (Nama) which he plans to air in public unless a wide-ranging inquiry into the agency is established.

Mr Wallace is to make a submission to Taoiseach Enda Kenny on Thursday about his desire for a commission of investigation to be established to examine Nama.

He will outline the need to expand the scope of an inquiry past the sale of the agency's Northern Ireland loan portfolio, which was called Project Eagle.

Mr Kenny has already announced the establishment of an inquiry into the Project Eagle deal, following the publication of a critical report on the sale by the Comptroller and Auditor General (C&AG).

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The report concluded that Nama's sale of the portfolio to US firm Cerberus in 2014 involved a number of "irregularities" and a loss to the taxpayer of €220 million.

“We have received a lot of new allegations [about Nama] and we are confident of our sources,” said Mr Wallace.

“We are looking for an honest, independent commission of investigation into how Nama has operated.

“The commission needs to have real teeth and the powers of compellability.

“If they still do not do the right thing, and if they do not initiate a proper inquiry into Nama, they can listen to me throughout the autumn and the winter outlining the claims inside and outside the chamber.”

The Taoiseach has requested all Opposition leaders write to him with their requests on the scope and the structure of the Project Eagle inquiry.

Enda Kenny said he did not see merit in expanding the investigation beyond the sale of Project Eagle.

Mr Kenny said such an inquiry would take two decades to complete its work and cost the taxpayer millions.

However, Mr Wallace insisted the Government did not want to get to the truth of the matter.

"If the Government or Fianna Fáil do not want to know, if they prefer not to know the truth of how Nama operated, that is very worrying for the people."

Public Accounts Committee

Meanwhile, the Public Accounts Committee (PAC) has agreed to invite the former DUP first minister Peter Robinson and Sinn Féin Deputy First Minister Martin McGuinness to appear before it in relation to the Project Eagle deal.

Mr Robinson and Mr McGuinness held a phone call with Minister for Finance Michael Noonan and chairman of Nama Frank Daly in January 2014 to discuss the sale.

Mr Noonan will attend a separate meeting with the PAC on October 6th and discuss his participation in the phone call, among other matters.

The committee has received advice from its legal team about its scope and how it should pursue its own investigation into the deal.

It was agreed the PAC had a remit to investigate the sale.

Nama will appear before the committee on Thursday, September 29th.

The C&AG will brief members on the contents of his report on Tuesday.

Mr Wallace has said he will appear before the PAC if requested, but only if it is not a “figleaf” and the Government’s commission of investigation proceeds.