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Suspend NAMA Project Arrow sale - Adams

23 October, 2015 - by Gerry Adams

Commenting on reports that US firm Cerberus is to buy Nama’s €6.25 billion Project Arrow loan portfolio, Sinn Féin Leader Gerry Adams said:

"There is already huge public concern regarding Cerberus’s purchase of NAMA's northern loan book last year.

“There are very serious allegations surrounding that sales process including allegations of political corruption and possible illegal activity. 

"This has led to criminal and parliamentary investigations by the North's Assembly, the British National Crime Agency, the US Department of Justice, the FBI, the US Securities Exchange Commission, and the Law Society in the North of Ireland.

"In light of all of the disclosures surrounding Project Eagle it is unacceptable that Minister Noonan continues to protect NAMA from public scrutiny while allowing further sales of NAMA assets to the same firm at the centre of this controversy.

"There needs to be full transparency and accountability in relation to any further NAMA transactions.

"I have called repeatedly for a Commission of Investigation into the management and operations of NAMA to conduct a full and proper examination of the facts. 

"In the meantime, the Government should not allow the sale of Project Arrow to Cerberus to proceed.

"The Minister for Finance Michael Noonan must intervene and suspend this sale pending a full disclosure of all the facts."

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