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The case for a full commission of inquiry into NAMA sale of Northern Loan Book is overwhelming - Mary Lou McDonald TD

14 September, 2016 - by Mary Lou McDonald TD


Sinn Féin Deputy Leader Mary Lou McDonald has described the report from the Comptroller and Auditor General into the sale of NAMA’s Northern Loan Book as damning.

Teachta McDonald said the C&AG’s criticism of the sales process, the valuation process and the loss of €250million to the taxpayer makes the case now for a full commission of inquiry overwhelming.

Speaking this afternoon Deputy McDonald said;

“This is a particularly damning report from the Comptroller and Auditor General. The criticism of the sales process, the valuation process and the loss to the taxpayer is an indictment of NAMA.

“Little wonder that the Taoiseach and Minister Noonan so strongly opposed a commission to inquiry into NAMA for so long.

“The case now for such a commission is overwhelming. We will be making that clear to the Taoiseach when we meet him tomorrow.

“There are serious questions for Minister Noonan to answer just as there are for NAMA Chairperson Frank Daly.

“At every turn Fianna Fáil and Fine Gael have acted to frustrate and delay any Commission of Inquiry.

“The Minister refused to direct NAMA to attend and give evidence to the Northern Finance Committee Inquiry.

“We know that a member of the NAMA Consultative Committee is alleged to have received cash payments from a developer. We also know that the same committee member acted as an adviser to NAMA debtors.

“The Northern portfolio was sold at a huge discount and cost to taxpayers.

“The sale included fixers’ fees and alleged insider dealing. Minister Noonan was aware of this and did not act to stop the sale.

“We know from the C&AG report today up to a quarter of a billion euros of taxpayers’ money may have been lost due to what it describes as ‘short comings’ and ‘irregularities’.

“There must be transparency and accountability. The taxpayer has been failed and those that failed them must be held to account.”

ENDS

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