FF call for Project Eagle inquiry to review part played by politicians

Fianna Fáil has called for the proposed inquiry into the sale of the Project Eagle portfolio by the National Asset Management Agency to investigate all contact between Minister for Finance Michael Noonan and DUP politician Sammy Wilson.

Fianna Fáil leader Micheál Martin said Mr Noonan’s “involvement” in the sale and the appropriateness of any such role should be investigated.

He said there were records of contact between Mr Noonan and senior political figures in Northern Ireland, including former first minister Peter Robinson and former minister for finance Mr Wilson.

“It is a matter of great public interest that the allegations are independently investigated,” said Mr Martin.

The Government has agreed to establish an inquiry into the sale of Project Eagle, a portfolio of loans relating to Northern Ireland properties, following the publication of a critical report on the disposal by the Comptroller and Auditor General (C&AG).

The report concluded 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.

Taoiseach Enda Kenny asked leaders of the Opposition parties to submit proposed terms of reference for the investigation by Friday evening.

Circumstances surrounding the payment of “fixer” fees and the knowledge of Nama and the Minister for Finance about such an arrangement should be examined, they have said.

Independent TD Mick Wallace said the inquiry must examine the “widespread, unauthorised” leaking and “manipulation” of confidential data from Nama.

Personal gain

He said he has received a number of allegations claiming former employees of the agency used information for personal gain.

In a letter to the Taoiseach, Mr Wallace said there had been several serious breaches of the Nama Act that needed to be examined by the proposed investigation.

“The Garda Síochána are aware of many of the allegations of leaking, but at present do not have sufficient evidence for criminal charges, due to the high burden of proof in white collar crime. That should not be the end of the matter.”

He has requested the investigation should begin with the sale of Project Eagle followed by an inquiry into the alleged leaking of confidential information.

Sinn Féin leader Gerry Adams said allegations of insider trading, financial corruption and the alleged exchange of fixer fees must be examined by the inquiry.

“There is a need to get to the truth of the operation of Nama in the North and the scale of the losses passed on to taxpayers. However, we need to be assured that the malpractice, conflicts of interest and insider dealing at the heart of the Northern allegations is not ongoing in other sales.”

Labour Party leader Brendan Howlin said the proposed inquiry should not proceed if there were no powers of compulsion over Northern Ireland witnesses.

Mr Howlin said the Taoiseach should invoke the Criminal Justice (Joint Investigation Teams) Act of 2004 and set up a special joint investigation policing team to investigate the allegations relating to Project Eagle.

The Social Democrats called on the inquiry to cover all potential issues of the sale, be they financial, political or criminal.

Mr Kenny will meet Opposition leaders next week to consider their submissions before proceeding with the establishment of an inquiry.