NAMA rejects disingenuous, implausible allegations made under Dail privilege by Deputy Mick Wallace

NAMA rejects disingenuous, implausible allegations made under Dail privilege by Deputy Mick Wallace, Chairman tells Public Accounts Committee


  • Deputy Wallace comments "a serious misrepresentation of the facts"
  • "Utterly disingenuous" to suggest NAMA accepted less than it could have received for sale of the Northern Ireland loan portfolio
  • UK National Crime Agency "not in any way concerned" with NAMA’s role in Project Eagle sale

The Chairman of the National Asset Management Agency (NAMA) has today strongly rejected allegations made over a protracted period this year under Dail privilege by Deputy Mick Wallace.


Speaking at the Oireachtas Public Accounts Committee, Frank Daly said:

  • Certain allegations made by Deputy Wallace were "a serious misrepresentation of the facts";

  • It was "utterly disingenuous" to suggest NAMA could have sold its Northern Ireland loan portfolio (Project Eagle) for 50pc of its par value when the average value was only 27pc; and

  • It was "totally unrealistic" to suggest NAMA could recover the par value of these loans within a reasonable timeframe if it retained ownership of the portfolio.

Mr Daly also confirmed to the Committee that the UK’s National Crime Agency "is not in any way concerned" with NAMA’s role in the sale of Project Eagle. He said:


"The Chief Executive and I met the UK’s National Crime Agency some weeks ago and provided them with an overview of NAMA and the chronology around the sale of Eagle. It is our clear understanding, based on that engagement, that their investigation is not in any way concerned with the NAMA sale side of the transaction.


Their focus appears to be very much on the purchase side and what may or may not have taken place in Northern Ireland."


Mr Daly also reiterated the Agency’s long-standing position in respect of Project Eagle:

  • The loan sales process was well-managed and competitive
  • The sale was conducted in line with international best practice, independently overseen by Lazard, a major international investment bank

  • The integrity of the sales process was fully protected

  • No external members of the Northern Ireland Advisory Committee (NIAC) had access to confidential information on the sale

  • All bidders had equal access to information

  • No third parties (political or otherwise) had influence over the NAMA Board’s decision on Project Eagle or were in a position to confer an unfair competitive advantage on any bidder

Mr Daly also highlighted recent media reports that were "without foundation" and criticised commentators who have remained silent on "implausible" claims.


He also called on any individual who uses privilege to make claims of wrongdoing to pass on "accurate and reliable" information to NAMA and/or the appropriate authorities for investigation.


"On a more general note, it is difficult for NAMA or indeed any organisation to properly address allegations where such allegations are vague or implausible and where no evidence is produced to support them," he said.


"If those making such allegations genuinely believe that the information that has been passed on to them is indeed accurate and reliable, we would again urge that they pass it on to us or to the appropriate authorities so that it can be objectively investigated.


If a criminal act is alleged to have been committed, they are of course obliged to report such matters to the Gardai under section 19 of the Criminal Justice Act 2011."