Project Eagle commission
Deputy Cullinane demanded a timetable and terms of reference for the promised commission of investigation into NAMA’s Project Eagle sale. The Taoiseach said he had consulted party leaders and that a commission had been agreed in principle under the 2004 Act.
Last October, the Taoiseach announced that the Government had agreed in principle to the establishment of a commission of investigation into NAMA's loan sale of assets in the North of Ireland known as Project Eagle. Four months have passed and we have heard nothing from the Government. Can the Taoiseach outline when that will happen? When will the terms of reference of such a commission of investigation be put in place? Serious allegations of corruption have been made and they have been accepted by the Taoiseach and the Government. Will the Taoiseach please outline to the House when the Dáil or the Oireachtas will receive the terms of reference necessary to get to the truth of what happened with this loan sale?
Comment on this
I met the party leaders back in September with a view to hearing their views on the issues of public concern that require further investigation in respect of NAMA's sale of Project Eagle. Subsequent to the meeting I received several submissions from party leaders on the matter.
I met the party leaders again on 4 October last year. It was agreed in principle to establish a commission of investigation under the Act of 2004 to investigate matters of significant public importance relating to NAMA. It will be based on terms of reference providing for the sale of Project Eagle to be investigated in the first module.
At those meetings the party leaders all acknowledged there would be significant limitations on the work of the commission given the location of potential witnesses and documentation outside the jurisdiction, ongoing criminal investigations and the likely cost of such a commission of investigation.
During the autumn and subsequent to those meetings, the Committee of Public Accounts held extensive hearings relating to the report of the Comptroller and Auditor General. The committee has heard from many key witnesses, as well as from representatives of NAMA on several occasions. I understand the Committee of Public Accounts hopes to produce a report on the matter shortly. I believe it is sensible to wait to receive that report and to consider its findings before moving on to the setting up of the commission as agreed.