NI finance chair Daithi McKay to address PAC on Nama

The chair of the Northern Ireland finance committee, Sinn Féin's Daithi McKay, is to address the Dáil's Public Accounts Committee on Thursday.

Mr McKay is to brief members of the PAC on the committee's investigation into allegations made against the National Asset Management Agency.

The meeting will take place at 10.30am before TDs will hear from representatives of Nama.

Nama chief executive Brendan McDonagh, chairman Frank Daly, chief financial officer Donal Rooney and head of legal Aideen O’Reilly will address the committee.

PAC chairman John McGuinness said a number of criticisms had been made of the agency in recent weeks.

He said the aim of the meeting was to explore the allegations made by Independent TD Mick Wallace.

He said: “Since our meeting of 9th July where we examined the Project Eagle sale, a number of issues have come into the public domain which raise further concerns about this sale.

“I retain a concern given the withdrawal of one of the bidders and the fact that another bidder was not prepared to pay the reserve price, that this sale was not competitive and should have been withdrawn.

“We now need to examine more closely the Project Eagle portfolio given the evidence by Deputy Mick Wallace that developers have agreed to settle with Cerberus by paying 50 per cent of the unpaid balance, which, if true, would see Cerberus making significant profits on the portfolio.”

The PAC will also discuss whether to invite Jamie Bryson to give oral evidence to the committee on Thursday.