Dáil Éireann Debate, Tuesday - 22 March 2016
66. Deputy Michael McGrath asked the Minister for Finance if he will take action following a recent documentary on a matter of public concern (details supplied); and if he will make a statement on the matter. [4939/16]
View answerAs the Deputy will be aware, the BBC Spotlight programme broadcast, which aired on 29 February 2016, made no allegation of wrongdoing by NAMA. The programme raised matters which relate to individuals at the margins of the buyer side of the Project Eagle loan sale and which fall within the jurisdiction of the Northern Ireland authorities. These matters have been raised previously on a number of occasions, in the Oireachtas and elsewhere. I understand that there are a number of investigations underway in this regard, including those with the UK National Crime Agency (NCA), the US Department of Justice and the Northern Ireland Law Society. I welcome these investigations as such serious allegations should be, and clearly are being, thoroughly investigated. However, I reiterate that, to the best of my knowledge, these investigations concern activities on the purchaser side of the sales process and do not involve NAMA's role in this process.
NAMA has publically stated the factual position on the sale of its Northern Ireland loan portfolio through its appearances before the Dáil Public Accounts Committee (16 December, 1 October 2015) and the Oireachtas Finance Committee (16 December 2015) and, separately, in detailed submissions to the Northern Ireland Finance and Personnel Committee (4 September, 27 November 2015), who recently published their own report on the sales process. All of this information is on public record and available from NAMA's website, the Oireachtas website, and the Northern Ireland Finance and Personnel Committee's website.
The Deputy will also be aware that the Comptroller and Auditor General ("C&AG") has commenced work on a second report under Section 226 of the NAMA Act, which will focus on the progress NAMA has made at the end of 2015 towards achieving its overall objectives. I understand that the C&AG has, in parallel with the Section 226 review, commenced work under Section 9 of the C&AG (Amendment) Act 1993 ("1993 Act") of an examination of the disposal of the loans of Northern Ireland debtors. The C&AG has indicated that he may issue a report, under Section 11 of the 1993 Act, if he considers that it is warranted by the findings of the Section 9 review. This is consistent with the C&AG's power to investigate, scrutinise and report on concerns regarding any aspect of NAMA's work which may arise through its annual audits or special reports about any aspect of NAMA's work.
In the absence of any allegation or evidence of wrongdoing by NAMA, the C&AG is best positioned to independently review this transaction. C&AG officials have confirmed that, given their independent role, any queries related to the timing, content, or any other specific aspects of their reports should be directed to the Office of the Comptroller and Auditor General. I would encourage the Deputy to support this process and await the findings of the C&AG's independent review.
