Government under pressure to probe Nama’s ‘Project Eagle’ sale

The Government is coming under increasing pressure to establish a commission of investigation into the sale of Nama’s Northern Ireland loan book.

Nama sold its entire Northern Ireland portfolio, known as Project Eagle, to US investment fund Cerberus in 2014, however it is understood that the Comptroller and Auditor General (C&AG) has found that “hundreds of millions of euro” more could have been realised from these assets.

Yesterday Government Chief Whip Regina Doherty said the report, which also found “irregularities” and “shortcomings” in the sale, will be brought to cabinet on Wednesday, before being published the same day or on Thursday morning.

Nama is also due to come before the Public Accounts Committee later this month.

But Labour, Fianna Fáil, Sinn Féin and a number of Independent TDs have all now demanded a probe into the controversy.

Labour’s Alan Kelly, who is vice chair of the PAC, yesterday called for an inquiry into the sale, claiming it “stinks to heaven”.

He said the idea it could not be fully investigated is “incredible”, even if it had to involve primary legislation.

“There are criminal investigations in the North, but here we are saying that the C&AG say there was a potential loss of hundreds of millions of euro to the Irish taxpayer. Well in that scenario, it has to be investigated.

“This is a huge issue for the Irish Government, it is a huge issue for the public.”

Sinn Féin deputy leader Mary Lou MacDonald also called for a commission of inquiry with full judicial powers.