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06/07/2015
PAC Issues Invite To Discuss NAMA Portfolio Claims
The Public Accounts Committee (PAC) is to invite NAMA to discuss recent claims made by Independent TD Mick Wallace.
Speaking in the Dáil on 2 July, Mr Wallace made a number of allegations regarding the sale of a property portfolio in Northern Ireland, which he said was called 'Project Eagle'.
In 2014, US investment firm Cerberus Capital Management purchased a NAMA portfolio from a Northern-Ireland based debtor. It was reported that the portfolio had a book value of £4.5bn, but it was sold for a fraction of this price. The actual purchase price was never disclosed, but NAMA said it was the largest single transaction in its history.
However, last week, Mr Wallace said that a routine audit check revealed £7m in funding that ended up in an account on the Isle of Man in relation to the sale. He added that the money was "reportedly earmarked for a Northern Ireland politician".
He did not name the politician.
Speaking to RTÉ News, John McGuinness, PAC Chairman, said: "We will be writing to NAMA tomorrow with the view to asking them to come before us to explain what this is all about and to allay public fear in terms of what Mick Wallace has put into the public domain.
"The Office Of The Comptroller & Auditor General and the PAC are responsible for the audit of NAMA, processes and procedures and so on."
(JP)
Speaking in the Dáil on 2 July, Mr Wallace made a number of allegations regarding the sale of a property portfolio in Northern Ireland, which he said was called 'Project Eagle'.
In 2014, US investment firm Cerberus Capital Management purchased a NAMA portfolio from a Northern-Ireland based debtor. It was reported that the portfolio had a book value of £4.5bn, but it was sold for a fraction of this price. The actual purchase price was never disclosed, but NAMA said it was the largest single transaction in its history.
However, last week, Mr Wallace said that a routine audit check revealed £7m in funding that ended up in an account on the Isle of Man in relation to the sale. He added that the money was "reportedly earmarked for a Northern Ireland politician".
He did not name the politician.
Speaking to RTÉ News, John McGuinness, PAC Chairman, said: "We will be writing to NAMA tomorrow with the view to asking them to come before us to explain what this is all about and to allay public fear in terms of what Mick Wallace has put into the public domain.
"The Office Of The Comptroller & Auditor General and the PAC are responsible for the audit of NAMA, processes and procedures and so on."
(JP)
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