Nama deal: Irish government rejects calls for Commission of Investigation

It has been claimed in the Irish parliament that £7m from the Nama deal had been "reportedly earmarked" for a Northern Ireland politician

The Irish government has rejected calls to set up a Commission of Investigation into the sale of Nama's portfolio of loans in Northern Ireland.

It was claimed in the (Irish parliament) Dáil last week that a Northern Ireland politician stood to benefit.

The issue was raised again in Leaders' Question time in the Dáil on Tuesday.

The leader of the main opposition party, Fianna Fáil, said the allegations around the sale were of "enormous concern".

Micheál Martin added that a Commission of Investigation was "urgently required".

'Very thorough'

In the Republic of Ireland, a Commission of Investigation can be set up by government to investigate matters of significant public concern.

They seek the voluntary co-operation of those they want to question, but if necessary, commissions have the power to compel witnesses to testify.

Speaking in the Dáil , Sinn Féin leader Gerry Adams also called for a Commission of Investigation and said his party had "little confidence the government is protecting the public interest".

But the Enterprise Minister Richard Bruton, answering for the government, said he did not accept there was a need for such a commission.

He said that Nama had discharged its business in "a very thorough way" and that the Comptroller and Auditor General would have been across the decision.

Biggest deal

Mr Bruton said that the issues Mr Martin raised about the decision taken by the NAMA board on whether loans should be sold individually or a bundle were "a legitimate matter" for questioning at the Dáil Public Accounts Committee (PAC).

Nama representatives are due to appear before the PAC on Thursday.

The National Asset Management Agency (Nama) is the Republic of Ireland's "bad bank".

It was set up to deal with toxic property loans on the books of bailed-out banks, following the 2008 property crash.

Last year, Nama sold its entire 850-property loan portfolio in Northern Ireland to the New York investment firm Cerberus for more than £1bn.

The deal was the largest ever property transaction in Northern Ireland.