Friday 22 September 2017

Why the public must be reassured on Nama

Independent TD Mick Wallace has called for a full independent inquiry
Independent TD Mick Wallace has called for a full independent inquiry

The sale of Nama's €5.7bn Northern Ireland loan book for €1.6bn has created waves at a time when the toxic loans agency is under intense scrutiny about its write-downs and the way it conducts its business.

The discounted sale is the agency's single biggest sale to date. Now Nama stands at the periphery of serious allegations made under Dáil privilege that €9.5m in professional fees to be paid to a Belfast law firm were discovered in an Isle of Man bank account, allegedly earmarked for a leading Northern Ireland politician.

The creation in 2009 of Nama was an unprecedented response to an unprecedented financial crisis. It was given exceptional powers, including exceptional levels of confidentiality surrounding its commercial operations.

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