Sinn Féin - On Your Side

Adams demands Commission of Investigation into NAMA

24 September, 2015 - by Gerry Adams

Sinn Féin Leader Gerry Adams TD has called for the Government to establish a Commission of Investigation into the management and operations of NAMA.

The Sinn Féin leader, speaking during Leaders Questions, described the “growing scandal around the revelation that an illegal £15 million fee was to be paid to ‘fixers’ involved in the original sale process.” 

He described the Tánaiste response in the Dáil this morning as “pathetic and unacceptable.”

The Sinn Féin leader said;

“The Tánaiste failed to adequately answer any of the questions put to her today on NAMA. She waffled and engaged in obfuscation; sought to claim that this is solely a northern issue, and ignored the very serious consequences for taxpayers in this state who have been left picking up billions in debt belonging to the banks and property developers.

“For years now Sinn Féin has been raising concerns about the sale of NAMA’s loan books, including its northern loan book.

“There is now a growing scandal around the revelation that an illegal £15 million fixers fee was to be paid. This was brought to NAMA's attention by PIMCO a potential US bidder.

“NAMA previously claimed their Northern Advisory Committee was not privy to confidential or useful information regarding this sale. It has since been disclosed that the committee discussed potential purchasers on at least two occasions before the loan book was sold at a huge loss to Irish taxpayers.

“NAMA's Chairman Frank Daly says he briefed Minister Noonan in full on the scandal of a £15 million 'fixers fee’. Minister Noonan failed to suspend the sale process or to inform the North's Office of First and Deputy First Minister.

“These matters were apparently brought to the Taoiseach’s attention in a letter in February 2014. The Taoiseach refused to confirm this yesterday. 

“Businessman Gareth Graham has testified that he possesses thousands of phone calls exposing inappropriate and possibly illegal conduct.

“This scandal is now being investigated by the police.  It is being investigated by the Assembly‘s Finance Committee.  The US Department of Justice is also investigating it.

“But this government is defending it. This is unacceptable and outrageous.

“NAMA is an arm of the state. It should be accountable. In light of all of the disclosures now made it is unacceptable that Minister Noonan continues to protect NAMA from public scrutiny. 

“The government should now establish a Commission of Investigation into the management and operations of NAMA.”


Connect with Sinn Féin