Commission of inquiry into sale of Nama's Northern Ireland portfolio delayed for 19th time

Further delay will mean that the report will not be sent to the Taoiseach and published until after the general election. Picture: Sasko Lazarov/RollingNews.ie

The publication of a long-awaited report from the commission of investigation into the controversial sale of Nama’s Northern Ireland portfolio to a vulture fund has been delayed until after the general election.

In her latest report to the Taoiseach last month, commission sole member Susan Gilvarry requested another extension to the commission, which has cost in excess of €7m so far.

While she delivered her “substantive report” to Simon Harris on the matters on October 4, the “final report” can only be delivered upon completion of the cost process.

The commission was established in June 2017 to investigate the sale by Nama of its Northern Ireland portfolio, known as Project Eagle, to vulture fund Cerberus in a €1.6bn transaction.

Prior to its establishment, the sale was subject to much public debate and commentary, including at the public accounts committee.

This further delay — the 19th time an extension has been sought — will mean the report will not be sent to the Taoiseach and published until after the general election, which is due to be announced imminently.

“The commission has invited requests for recovery of legal costs necessarily incurred and certain other expenses,” Ms Gilvarry said.

“The commission has commenced receipt of cost applications and is in the process of considering such applications.

“In these circumstances, in order to provide for the conclusion of the assessment of legal costs in a reasonable, efficient, and expeditious manner, it is necessary for the commission to request an extension of the timeframe for the submission of its final report until the 31st December 2024.” 

Previously, Mr Harris cast doubt on the use of commissions of investigations for important matters, pointing to the separate process where independent expert looked at the CervicalCheck scandal.

“My gut answer on this is that we need to be careful that we do not just reach for a commission of investigation as the default position," he said.

In response to a parliamentary question last month, Mr Harris revealed the commission of investigation had cost €7.2m so far and that does not even take some costs into account.

“It should also be noted that the cost of the Nama commission mentioned above excludes third-party legal costs incurred but not yet paid and which will be considered by the commission at the end of its investigation,” he said.

He also revealed the final cost for the IBRC commission of investigation, which delivered its final report in May 2023, is expected to be in the region of €18.5m.

That commission found the decision of business Siteserv to give exclusivity on a sale to a company controlled by Denis O’Brien was “tainted by impropriety”.

Mr Harris said the final figure of its cost included the “cost of third-party legal costs claims, a small number of which are still being processed”.

“This figure does not include the cost of any further legal challenges that might arise,” he added.

Meanwhile, Nama itself appears on track to wind down by the end of 2025 with former finance minister Michael McGrath remarking in the summer it was now “very much in its final phase”. 

His successor Jack Chambers then introduced legislation that would see it wind down by the end of next year, with a new unit to handle its remaining assets afterwards.