Opposition parties have called for the National Asset Management Agency (Nama) to suspend all sales in light of the report on the Project Eagle sale.

The Independents4Change TD Mick Wallace, who first raised concerns about the sale of the Northern Ireland portfolio, said the Comptroller and Auditor General (C&AG) findings were damning but only dealt with one aspect of Nama's work. He said an independent investigation was now essential to get to the truth of the matter.

“Until then, the proceeds of the sale of Project Eagle should be frozen under the Proceeds of Crime Act, and all Nama activities should be suspended,” he said yesterday.

On Thursday Morning, Mr Wallace said the scope of the issue at Nama goes beyond Project Eagle.

“The Comptroller and auditor General is only looking at one aspect of how Nama operates. It’s looking at Project Eagle and whether Nama achieved value for money by its own rules and its conclusion is that they didn’t,” he told RTÉ’s Morning Ireland.

“It’s very important that we keep the bigger picture in view. So much information has come our way in the last 18 months which shows that there’s a serious dysfunctional nature around the workings of Nama in many ways.”

Sinn Féin deputy leader Mary Lou McDonald said there were also questions for Minister for Finance Michael Noonan and Nama's Frank Daly.

Damning

She said the report was “absolutely damning”.

“It is damning of Nama, damning of the sales process from start to finish,” she said. “The decision to sell the portfolio was one to bundle up all of the loans, damning in respect of the valuation of that portfolio, damning of the process by which bids were made and bids decided, damning in respect of the conflicts of interests which the C&AG has reiterated are in play.

“I think it raises very, very serious questions for Michael Noonan, questions for Frank Daly. It leaves us in no doubt that Project Eagle cost the taxpayer to the tune of a quarter of a billion euro.

“It also makes it very clear, we believe, why it is the Government has not been enthusiastic for a commission of inquiry. I think anybody reading this report will finally and fully understand the reluctance of the Taoiseach and of Michael Noonan to lay these facts bare.”

Fianna Fáil TD Michael McGrath said an inquiry must now take place, but admitted it would be difficult to conduct one due to jurisdictional challenges. Mr McGrath said the investigation must focus on Project Eagle but must be flexible if fresh allegations come to light.

“The sad part is we will never know what the alternative outcome might have been, what return taxpayers may have got if a different process had been embarked upon,” he said.

“It seems clear from reading the report that Nama was not considering the sale of Project Eagle in one transaction until they had an approach from Pimco from Brown Rudnick.

“That set off a chain of events which ultimately led to Pimco leading the process and Cerberus being the ultimate bidder and purchaser of the portfolio. It does appear that the normal procedures were departed from by Nama.”

Flip-flopped

The party’s finance spokesman denied that Fianna Fáil had flip-flopped on the issue. He said the party had always supported calls to investigate the sale of Project Eagle.

However, it did not support a Dáil motion calling for a commission of investigation tabled by Mr Wallace in July.

Mr McGrath said this was to allow criminal investigations to proceed. He said the report’s findings changed that position.