'No Excuse' For Stalling In Setting Up NAMA Commission Of Investigation - Carthy

There can be no excuse of stalling on establishing a commission of investigation into NAMA, Sinn Fein MEP Matt Carthy has said.

Speaking in the European Parliament plenary in Strasbourg, Carthy said: "The Fianna Fáil government's response to the financial and banking crisis in Ireland included well known pillars such as the burdening of private debt on ordinary families and the imposition of a savage austerity agenda.

"It also included another pillar, the establishment of NAMA, set up as a 'bad bank' although even those of us who opposed its creation failed to imagine just how bad it would become.

"It is now clear that NAMA's sale in 2014 of its Project Eagle property portfolio in the north of Ireland was based on bribery and insider trading.

"The methods included bags of cash changing hands between NAMA borrowers and government advisers, millions held in an offshore account, and a Minister turning a blind eye.

"The result was that state assets were sold to a US vulture fund at a drastic loss to taxpayers - at a shocking discount of 72%, billions below its value."

Mr Carthy continued: "Two weeks after the Apple ruling, we're due to see the publication of the comptrollers' report on Wednesday on another dodgy deal that deprived Irish taxpayers of hundreds of millions of euro.

"All NAMA transactions must be suspended immediately. It is clear that the Irish government cannot delay a commission of investigation much longer.

"Irish taxpayers shouldn't have to wait for another state aid investigation to get the truth about how they've been fleeced."


Related Irish News Stories
Click here for the latest headlines.

02 December 2010
NAMA Rejects CIF Report
The National Asset Management Agency (NAMA) has announced it "completely rejects the flawed and one-sided analysis of the Agency published by the Construction Industry Federation (CIF)".
03 February 2011
NAMA Boss 'Disappointed' In McKillen Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
12 October 2012
63-Year-Old Dies On Building Site
A 63-year-old man has died following an accident at the VEC campus building site in Monaghan. The man, whose name has not yet been released, is believed to have been a manager at the construction. He was involved in an accident at about 11.40am on Friday and was pronounced dead at the scene.
23 September 2022
Fresh Appeal For Information On 1993 Murder Of Brendan McKenna
Detectives from Legacy Investigation Branch have issued a fresh appeal for information on the murder of Brendan McKenna near Comber in June 1993, on what would have been Brendan's 58th birthday. Mr McKenna was shot dead by a gunman as he drove to a quarry on the Ballystockart Road, Comber on 2 June 1993.
21 October 2015
Sinn Féin Call On Govt To Establish NAMA Commission Of Investigation
Sinn Féin has called on the government to establish a "Commission of Investigation into the sale of NAMA's loan books, including its northern loan book".