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Commission of investigation needed into NAMA sale of northern loan book - Adams

29 February, 2016 - by Gerry Adams

In light of further revelations this evening regarding the sale of NAMA's northern loan book, "Project Eagle", Sinn Féin Leader Gerry Adams TD again demanded the establishment of a Commission of Investigation.

Speaking in Louth, Gerry Adams said:

"Michael Noonan, Enda Kenny and Joan Burton repeatedly refused to recognise mounting public concern, North and South, surrounding the sales process by the National Asset Management Agency of its northern loan book - Project Eagle.

"This is despite myself and other TDs publicly and repeatedly challenging them to do so.

"Sinn Féin does not believe the taxpayer got best value for money from the sale of Project Eagle to a US vulture fund at a huge discount. 

"I have asked why NAMA and Minister Michael Noonan failed to abandon the flawed sales process when another bidder, PIMCO, made a very serious disclosures to them about ‘fixers’ and fee arrangements.

"It is extraordinary that Michael Noonan failed to inform the executive of these disclosures.

"Sinn Féin is again demanding an independent Commission of Investigation to examine the damning allegations of insider trading and political cronyism.

"There has been zero accountability from the outgoing Government on this issue and again, the taxpayer is left to shoulder the cost.”


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