Inquiry urged into discounted sale of Nama properties

Fianna Fáil has added its voice to that of independent TD Mick Wallace and other opposition TDs in calling for an inquiry into the sale by Nama of a huge bundle of €5.7bn loans to a US equity fund, as more questions were raised yesterday about the transaction.

Codenamed Project Eagle, the transaction was the largest property-loans deal executed on behalf of taxpayers in Ireland. It was sold to Cerberus Capital Management at the heavily discounted price of €1.6bn and involved 850 properties, including large swathes of new Lagan-side commercial offices in Belfast city centre.

The Irish Examiner has established that the Belfast properties have since surged in value by as much as 20%, suggesting that taxpayers have lost out by €300m in less than a year.