Controversial US fund Cerberus has won a final shoot-out in the latest Nama auction of debtors’ loans — known as the Project Arrow portfolio — which were worth €6.25 billion at face value.

US investment fund Cerberus is to buy the massive Project Arrow portfolio from Ireland's bad-bank.

The Independent TD Mick Wallace has called for an independent probe into Nama and for the proposed sale of the €8.4bn Project Arrow fund to be suspended.