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Noonan admits no competition for Project Eagle package before sales process – Tóibín

22 October, 2015


Sinn Féin TD Peadar Tóibín is calling for Minister for Finance Michael Noonan to clarify why his account of a meeting with First Minister Peter Robinson and northern Finance Minister Simon Hamilton on the subject of the Nama Northern loan book are at odds.

According to minutes taken by the DUP leader’s Private Secretary and released to the Northern Finance Committee this week, Minister Noonan stated to the two northern Ministers that ‘whilst there could be no exclusivity clause there was in his view only one buyer’ for the loan book. 

According to an Teachta Tóibín:

“This means that the Minister allowed a process of sale to proceed, which he believed would not create any competitive benefits for the state. Repackaging the loan book, or reducing the size of the lots could have opened the sale up to a wider audience. Staggering the sale or delaying the sale of components could have meant that this state’s tax papers would not have had to realise such a large loss.

“In the past we know that Minister Noonan has devalued significantly the power of the Parliamentary Question with numerous efforts at stonewalling and withholding information. It seems that this was the tactic at play when the Minister omitted the detail of the discussion of the limited market for Project Eagle from a Parliamentary Question that I asked in October 2013.

“It’s now time that Minister Noonan comes clean and detail why his response to me, an elected representative for Meath West, is at odds with the First Minister’s minutes.”

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