Friday 30 September 2016

Watchdog report into NAMA's Project Eagle sale to be published

Amy Molloy

Published 11/09/2016 | 14:56

The Treasury Building on Grand Canal Street Lower where NAMA is based. Photo: Tom Burke
The Treasury Building on Grand Canal Street Lower where NAMA is based. Photo: Tom Burke

The Government will this week publish its report on Nama’s €1.6bn sale of its Northern Ireland loan book.

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Minister for Finance Michael Noonan said last Wednesday he had been in possession of the report since the middle of August.

Government Chief Whip Regina Doherty said that the report will be published late Wednesday evening or Thursday morning.

Speaking on RTE’s ‘The Week in Politics,’ she said if an inquiry was needed, the Cabinet would make a decision in a prudent manner.

Nama’s northern loans, more commonly known as Project Eagle, were sold to US Investment company Cerberus Capital Management in 2014.

The sale has been ensnared in controversy as it had a book value of £4.5bn. Nama did not disclose the purchase price at the time but maintained it was the biggest single transaction in the agency’s history.

The Comptroller and Auditor General report has allegedly found shortcomings and irregularities which could have resulted in hundreds of millions of euro being lost.

Labour deputy leader Alan Kelly, Public Accounts Committee vice-chairman, called for a cross-border inquiry.

Speaking on RTE Radio One’s This Week, he said he was contacted privately by a Nama executive to meet prior to the forthcoming publication of the report

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