Saturday 3 December 2016

220 million reasons for probe into Nama

Published 15/09/2016 | 02:30

Finance minister Michael Noonan. Photo: Fennell Photography
Finance minister Michael Noonan. Photo: Fennell Photography

At some point in the future, the Government's nonchalance in the handling of concerns over Project Eagle may well be filed under 'Project Dodo'. It has been a text book example of how not to handle a crisis. The incendiary nature of the Comptroller and Auditor General's (C&AG) report has finally created enough heat to sound an alarm.

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The report by the taxpayers' watchdog into the sale of Nama's Northern Ireland portfolio finds the agency incurred a loss of €220m. Nama rejects the findings, nonetheless urgent questions on how the portfolio was valued and sold must now be addressed.

Finance Minister Michael Noonan's failure to stop the process has also called his judgment into question.

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