Taoiseach rejects inquiry into sale of Nama portfolio

Taoiseach Enda Kenny has rejected renewed calls for a commission of investigation into the controversial sale of the National Asset Management Agency’s Northern Ireland portfolio, known as Project Eagle.

Sinn Féin leader Gerry Adams made the call in the wake of the arrests of two men by the British National Crime Agency in relation to the sale.

US vulture fund Cerberus Capital Management bought the total loan book of Northern Ireland borrowers in a single sale involving about 850 properties across Ireland and Britain for just over £1 billion, on a nominal value of £4.5 billion.

Describing the sale as a national scandal and disgrace, Mr Adams said that in the sale there were various allegations of a “cosy cartel, insider trading, payment for the golden circle and payment of illegal fixer fees”.

But Mr Kenny insisted "there is no allegation of wrongdoing against Nama" and there had been lengthy discussions, with Nama attending before the Public Accounts Committee. He said the Minister for Finance had made a detailed statement on the issue.

Mr Adams claimed the Minister had not made a detailed statement on the matter and said “it’s impossible to get information from any of your Ministers on an issue as serious as this one”.

Mr Adams said: “Nama is an arm of the State. It’s the people’s money. Nama is not accountable. It should be accountable and securing the best possible value for the taxpayer and I don’t believe Nama has done this.”

He said Nama had previously claimed its Northern advisory committee was not privy to confidential information regarding the sale. But it has since been disclosed that the committee discussed potential purchasers on at least two occasion before the sale, at a huge loss to Irish taxpayers. There were investigations in the North, by the Law Society, Revenue and by the Northern Ireland Assembly which found the Government’s approach “very unhelpful”. There were also a number of investigations in the US but “none in this State”.

He told Mr Kenny that every so often there was an issue that despite his “political cleverness” he could not explain way and “You’re like a rabbit caught in headlights”.

Mr Adams said: “This is a huge issue. There needs to be transparency, confidence and accountability. Why not depoliticise it? Why not simply open it up to those of us here in the Oireachtas?”

He said people had “suffered grievously” from selling off “what were the people’s assets”.

Mr Adams asked: “Given the mounting public concern across the island, will you now commit to establishing a commission of investigation into the sale of Project Eagle?”

Mr Kenny said “coming in and asking for another commission of investigation about this is not the way forward. There is no allegation of wrongdoing against Nama.

“Nama has been before the Public Accounts Committee. They’ve given lengthy statements, they’ve been crystal clear and they’ve been compliant with the law and conditions they were set up under.”