C&AG report: Michael Noonan faces quiz on Nama firesale

Finance Minister Michael Noonan faces questions about why he let a firesale of Nama’s £1.6bn Northern loans proceed and did not stop it after the emergency of success fee payments in bids.

An audit by the State’s financial watchdog of Project Eagle has concluded that the agency incurred a potential loss to the taxpayer of £190m. The Comptroller and Auditor General report has prompted the Government to agree to the potential further investigation.

Ministers have expressed confidence in both the C&AG and Nama, despite the latter contesting the findings.