Wallace calls for independent commission to investigate Nama

Independent TD Mick Wallace has called for an independent investigation into the operation of the National Asset Management Agency (Nama) and said he had "no problem" speaking to gardaí about his allegations that an official sought a payment of €30,000.

A Garda investigation has been opened into the allegation made by Mr Wallace in the Dáil.

The Wexford TD, speaking under parliamentary privilege on Wednesday, alleged that when the construction company sought to exit Nama, its portfolio manager told it: “It will cost you €15,000 in cash and I want it in a bag.”

He said the firm paid the money and a few weeks later “he demanded the same again. They duly obliged and all was sorted”.

It was one of a total of 24 allegations and questions raised by Mr Wallace about the operations of Nama during two contributions to the Dáil, most focusing on the events surrounding Project Eagle, the sale of a 850-property portfolio in Northern Ireland for about £1.2 billion.

Speaking on Thursday, Mr Wallace said he had no problem speaking to gardaí about the allegations and he said he could tell them what construction company was allegedly involved in the payment.

Questioned on RTÉ’s Morning Ireland about why he had gone to the Dáil first with the allegations, Mr Wallace said: “To be honest, the bigger problem here is I have serious reservations about the workings of Nama and I want the Government to initiate an independent commission of investigation. The Dáil is my best vehicle in trying to push for that investigation.”

It was put to him that Taoiseach Enda Kenny had indicated the Public Accounts Committee was charged with oversight of Nama.

Mr Wallace said going before the committee was a “pointless exercise”.

It had questioned Nama last week and “didn’t lay a glove on them”, Mr Wallace said.

“And I couldn’t either if I was in there. The PAC does some good work but they don’t have the mechanism to actually hold Nama to account, and neither does the CA&G (Comptroller & Auditor General).”

“We need to set up an organisation with powers of compellability and we probably need some law enforcement officials from abroad. This is a very small country. It’s a small pool,” Mr Wallace said.

There was a need for independents to examine how Nama had operated, he said.

Mr Wallace said he had been raising the issue of huge assets being sold for small money for months.

“We’ve seen huge assets sold for small money and they’ve been turned over at a profit of 35 to 40 per cent within 12 months. That surely has to be a matter of concern for the Government and it certainly is one the taxpayer.”

Asked whether he was being fair in raising his concern about a Nama portfolio manager allegedly asking for a payment given the small pool of people involved, Mr Wallace said he had not named the person and was “not even looking for heads”.

“I’m looking for a proper investigation.”

Mr Wallace said he would insist that he had been “measured” in what he was doing.

If the Government would initiate a commission of investigation he would “shut up” and there would be no need for him to put any information out.

“I’m not looking to be the star of the show. I’m looking for an investigation to get to the truth of it. There’s hundreds of millions at stake and there are still assets to be sold.”

Mr Wallace said he believed if a commission of investigation was initiated now, it would save “an awful lot of money for the taxpayer” on the assets and portfolios still left to be dealt with.

“Aside from the fact that we need to get the truth out of what’s happened already.”

Addressing Nama chief executive Brendan McDonagh's contention in a letter to An Garda Síochána that Mr Wallace may have broken the law by not raising the concerns with gardaí, the TD replied he had no problem bringing the information to them.

“I do find it interesting that Nama would like to shoot the messenger. I wish they would address the real serious concerns that we have about how they operate, aside from even Project Eagle.

“There has been a huge question mark over many of the deals that have been done and everyone seems to be happy to sweep it under the carpet. When the Government were in opposition, Enda Kenny called this a secret society in 2011 and nothing has changed since. Why didn’t he change that when he got into power? I don’t understand that.”

Mr Wallace acknowledged Nama’s denial of the Project Eagle allegations.

“I’m sure they would. I’m not putting myself up as having all the answers but I’m raising serious questions and I believe that we do need answers for them and we need them from an independent body.

Only an independent commission of investigation (is) going to get them for us. I think it’s really unfortunate that the Government doesn’t seem to have an appetite to serve the public interest here because only a commission of investigation, an independent one, is actually going to satisfy that.”

Nama and the Department of Finance in Northern Ireland were sharply criticised on Thursday by a Stormont scrutiny committee for snubbing its inquiry into the Project Eagle allegations.

Daithi McKay, chairman of the Northern Assembly finance committee and other members of the committee censured Nama for refusing to send officials to give evidence.

The committee is investigating the claim Mr Wallace that a Northern Ireland politician or party was reportedly set to gain by up to £7 million as a result of the purchase of the property portfolio by US investment company Cerberus.

Committee members also criticised DUP minister Arlene Foster’s Department of Finance and Personnel for failing to send officials.

Mr McKay said it was an “insult to the committee” that Nama was refusing to attend and that no officials from the North’s Department of Finance were present. He expected they would be present when the committee meets again next week.