On Monday in this House I raised very serious allegations in regard to the culture, procedures and operation of the National Asset Management Agency. Later that day the agency issued a statement to the effect that it was aware of only one ongoing investigation into such practices. It has since transpired that there are two such investigations taking place. I put it to colleagues that this information would not have emerged if we had not raised it in the Seanad.

Hear, hear.

As I said on Monday, I have been made aware of very serious allegations concerning the deliberate undervaluing of loans at pre-sale, with a view to turning over a profit for public relations and political reasons and conferring advantage to certain bidders. It is a very serious situation if taxpayers are to be on the hook for the sale of performing loans at a discounted rate to preferred bidders. In fact, it is so serious that it requires an independent investigation and a statement from the Minister for Justice and Equality or the Minister for Finance. I understand the Garda Commissioner has had this information since early December. If even part of these allegations is true, it will undermine the entire operation of NAMA.

I have come into possession of documentation which I will lodge with the Garda Síochána this afternoon so that it can be dealt with by the proper authorities. The following will give colleagues a flavour of this documentation, without mentioning any names:

These people from NAMA have lost the plot. They forgot about the legislation and when Fine Gael came into power they forgot about transparency and freedom of information, which they spouted before the election. Senior people in NAMA got it into their heads that they had to make a profit and they nearly drove me to suicide on valuations. They were hell bent on destroying the banks on valuations so that they could be shown in a good light later. There were perfectly good loans written down on the banks to keep the NAMA dream alive. I was the one they relied on to get massive low valuations. I destroyed people with those valuations.

Does the Senator have a question for the Leader?

I do. That is just a flavour of the allegations which, if true, go to the very top of NAMA. There are questions to be answered regarding the interaction between the Department of Finance, senior NAMA officials and international vulture funds and investors.

Hear, hear.

Will the Senator put his question?

I am proposing an amendment to the Order of Business that the Minister for Finance come into the House today to make a statement on oversight of NAMA, with reference to the questions that have been raised through the freedom of information process regarding senior officials in his Department leaking private commercial information to preferred bidders who were selected by NAMA and the Department. I do not raise these matters in the House lightly. I have read the documentation and, as I said, intend to lodge it this afternoon with the Garda. I am asking that the Minister for Finance come into the House today and make a clear statement about oversight of NAMA and its interaction with the Department at senior levels.