FF will not support motion to investigate Project Eagle sale

Independents4Change propose Commission of Investigation into Nama’s sale of portfolio

Fianna Fáil will not support a Dáil motion to establish a Commission of Investigation into the National Asset Management Agency's Project Eagle sale.

The party, which has repeatedly called for an inquiry, will vote against the Independents4Change proposal.

It will also either abstain or vote against the Government’s counter motion which contests the need for a commission into the sale of the portfolio.

Fianna Fáil’s finance spokesman Michael McGrath is expected to table an amendment to the Independents4Change motion.


It will express serious concerns about the sale of the portfolio but will stress the investigation by the National Crime Agency must be completed initially.

The Fianna Fáil amendment will say a commission could be established once the criminal process is concluded.

Last October the party tabled its own Dáil motion calling for an inquiry into the sale of Project Eagle.

Fianna Fáil yesterday denied this was a reversal in their policy insisting the motion by the Independents4Change is premature.

The party said it is not ruling out the need for a commission to be established but the criminal investigation and the report by the Comptroller and Auditor General must be concluded first.

The controversy centres on the sale of Project Eagle to US vulture fund Cerberus Capital Management.

The total loan book of Northern Ireland borrowers involved about 850 properties across Ireland and Britain and was sold for just over £1 billion (€1.3 billion), on a nominal value of £4.5 billion.

Allegations then emerged that £7.5 million was held in an offshore account for “fixer” fees for the sale.

The Independents4Change motion calls for a commission which would be mandated to conduct a full and proper investigation into the sale and all the facts surrounding it.

It also requests a deadline to be enforced to ensure it is not a lengthy inquiry and the report to be published in full.

Sinn Féin has co-signed the motion, which will be debated in the Dáil today.

A Government spokesman confirmed contact had been made between Fine Gael and Fianna Fáil on the motion.

He said regular contact took place between the two parties.