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10/03/2016
Stormont Inquiry Hits Out At NAMA For Refusing To Attend Oral Hearing
Stormont's finance committee has hit out at the National Asset Management Agency (NAMA) over its refusal to give evidence on its Northern Ireland loan book sale.
The committee said it does not accept Nama's rationale for not attending an oral hearing of the committee.
The UK's National Crime Agency (NCA) is also investigating the sale.
The finance committee report said: "From the evidence to date, the committee is concerned that different aspects of the Project Eagle controversy could be seen as having caused reputational damage to DFP (Department of Finance and Personnel), the Northern Ireland Executive, the Irish Government and Nama respectively.
"In the case of DFP and the Executive, this relates to how the nominations were made for appointments to the Nama Northern Ireland Advisory Committee and from the perceptions arising from involvement of ministers with potential purchasers of Nama-secured assets in Northern Ireland.
"In the case of the Irish Government and Nama, the available information suggests shortcomings in the handling of the bidding process and related decisions.
"It is therefore imperative that the lessons identified to date are acted on as applicable."
Sinn Féin Leader Gerry Adams said: "For some time Sinn Féin has been demanding the establishment of a Commission of Investigation into the NAMA sale of Project Eagle.
"The outgoing Fine Gael Minister for Finance Michael Noonan has repeatedly refused to do this. Both he and Enda Kenny have ignored the mounting public concern in Ireland, North and South, surrounding the sales process of the northern loan book by NAMA.
"They also ignore the fact that NAMA must command full public trust and confidence in securing best value for the Irish taxpayer. It does not have this.
"Sinn Féin does not believe that the taxpayer got best value for money from the sale of Project Eagle to a US vulture fund at a huge discount.
"The Northern Assembly Inquiry report notes with regret these failures on the part of Michael Noonan and NAMA and questions why they failed to abandon the sales process when another bidder, PIMCO, made a very serious disclosures to them about 'fixers' and fee arrangements."
(CD)
The committee said it does not accept Nama's rationale for not attending an oral hearing of the committee.
The UK's National Crime Agency (NCA) is also investigating the sale.
The finance committee report said: "From the evidence to date, the committee is concerned that different aspects of the Project Eagle controversy could be seen as having caused reputational damage to DFP (Department of Finance and Personnel), the Northern Ireland Executive, the Irish Government and Nama respectively.
"In the case of DFP and the Executive, this relates to how the nominations were made for appointments to the Nama Northern Ireland Advisory Committee and from the perceptions arising from involvement of ministers with potential purchasers of Nama-secured assets in Northern Ireland.
"In the case of the Irish Government and Nama, the available information suggests shortcomings in the handling of the bidding process and related decisions.
"It is therefore imperative that the lessons identified to date are acted on as applicable."
Sinn Féin Leader Gerry Adams said: "For some time Sinn Féin has been demanding the establishment of a Commission of Investigation into the NAMA sale of Project Eagle.
"The outgoing Fine Gael Minister for Finance Michael Noonan has repeatedly refused to do this. Both he and Enda Kenny have ignored the mounting public concern in Ireland, North and South, surrounding the sales process of the northern loan book by NAMA.
"They also ignore the fact that NAMA must command full public trust and confidence in securing best value for the Irish taxpayer. It does not have this.
"Sinn Féin does not believe that the taxpayer got best value for money from the sale of Project Eagle to a US vulture fund at a huge discount.
"The Northern Assembly Inquiry report notes with regret these failures on the part of Michael Noonan and NAMA and questions why they failed to abandon the sales process when another bidder, PIMCO, made a very serious disclosures to them about 'fixers' and fee arrangements."
(CD)
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