This morning.
In the Dáil.
Two hours of statements are being made on the establishment of a Commission of Investigation into NAMA.
Opening the statements this morning, Fine Gael TD and Minister for Finance Michael Noonan said the following:
NAMA has answered every question put to it by the Comptroller and Auditor General and the Committee of Public Accounts. I acknowledge that there are differences of opinion but there are also findings on which we all agree. The Committee of Public Accounts will soon publish its findings and I look forward to reading that report. While I will await the committee’s report, based on the evidence I also accept that the parties involved are entitled to hold differing opinions on matters of commercial judgment and that this does not imply wrongdoing by any party.
“Today, I do not believe that sufficient grounds have been established on which to progress a commission of investigation without first taking the views of the Committee of Public Accounts into account.
“I would like to comment on ongoing criminal investigations. It has been suggested by some that arrests associated with the UK NCA investigation imply wrongdoing on the part of NAMA. On the contrary, NAMA advise that the UK NCA has confirmed that no aspect of the agency’s activities are under investigation. Deputy Wallace has stated previously that he has brought important information to the attention of the Garda Síochána. We should commend him for doing so if he believes such action is warranted.
“Anyone who believes they have such information, should bring that information to the gardai and allow them to assess and, if necessary, investigate it. After all, it is the role of the gardai to determine if there are grounds for a criminal investigation in this state, into any matter.
“As far as I know, no such investigation is being pursued by the gardai. I’m also aware that the US Securities and Exchange Commission and the FBI has examined elements of the [Project Eagle] transaction. Should these agencies wish to engage with Nama, Nama has made it clear that it is more than willing to do so.
“Through all of this, I want to be clear that the allegations of wrongdoing that have been made, against particular individuals, and that that are being criminally investigated, are a matter of serious concern. These concerns will remain until investigations are concluded and their findings are made known.
“Here, today, these investigations have not concluded and we do not know their findings. This Government, and I hope this House, supports each of these investigations and stands ready to assist in any way that is helpful.
“Throughout the Opposition’s statements today, there may well be bounds for other Nama transactions to be reviewed. Either through a Commission of Investigation or otherwise. As we know, the Comptroller and Auditor General reviews the accounts in operation in Nama. As deputies should already be aware, the C&AG is already reviewing and assessing a broad sample of approximately 50 Nama transactions from a value-for-money perspective, under the section 226 of the Nama Act.
“I’m sure members will agree: we’re looking forward to receiving the C&AG ‘s section 226 report. And I expect, as is always the work of this C&AG to be very thorough.
“I have little doubt that the calls to change Nama’s mandate, or even halt Nama’s activities, will continue. A change of mandate is outside the scope of a Commission of Investigation but it will attempt to summarise the position as, unfortunately, public discourse rarely captures what the agency can and cannot do.”
“I want to be very clear about this: Nama’s original mandate remains in place and will remain in place until it is fully wound down. Nama has the independence to decide the most appropriate strategy, or best strategies, for achieving that mandate.
“In any market, but particularly in an open, transparent market, such as Ireland, a move to constrain Nama’s activities would be commercially discriminatory and would irreparably damage our international reputation as a secure and transparent place to do business.
“Think of the unfinished housing estates that have been brought to completion. The dilapidated hotels that have been renovated and brought back into the market. And the ugly skeletons of abandoned offices and apartment projects that have been completed.
“This has only been accomplished through the significant investment that these assets, and in our economy, by the purchases of Nama, IBRC and bank loans and assets.
“It is as important today as it is, it is as important today as it ever was that Ireland remains open to investment capital, for the development of our economy. The [inaudible] spectrum of investment opportunities.
“I will not direct Nama to halt or change its sale strategies and, indeed, I will not direct Nama to do anything that is contrary to their commercial mandate which they’re entitled to do, under the Nama Acts.”
There you go now.
