NAMA Commission
From Department of the Taoiseach
Published on
Last updated on
From Department of the Taoiseach
Published on
Last updated on
The Commission was established on 13th June 2017.
The NAMA Commission is charged with investigating the National Asset Management Agency's disposal of its Northern Ireland loan portfolio, referred to as 'Project Eagle'.
The Taoiseach was appointed as the specified Minister for the Act in the Commission of Investigation Order 2017. The Honourable John D Cooke, retired judge of the High Court, was appointed as sole member of the commission.
The role of the Commission is as outlined in the Terms of Reference below.
(a) if the disposal strategy for its Northern Ireland loan portfolio (including the timing of the disposal and sale as a single portfolio) was appropriate in the circumstances;
(b) if the minimum price applied (and how it was derived) in relation to its Northern Ireland loan portfolio were appropriate in the circumstances;
(c) if the management of the sales process by NAMA, (including procedures and controls applied, timeframes, access to potential bidders and record-keeping) was appropriate in the circumstances and demonstrated best corporate governance;
(d) if any conflicts of interest arising in relation to members of NAMA’s Northern Ireland Advisory Committee were managed appropriately in the circumstances;
(e) when and how NAMA became aware of fees allegedly payable to a former member of the Northern Ireland Advisory Committee by bidders on Project Eagle, and if this issue was managed appropriately by NAMA during the sale of the Northern Ireland loan portfolio, and
(f) if decisions and actions of the Minister for Finance and the Department of Finance relating to the disposal of the Northern Ireland portfolio, including communications with members and officials of the Northern Ireland Executive and meetings with potential bidders, were appropriate in the circumstances.
The Commission shall investigate anything arising outside the State that it considers relevant to any of the matters set out from (a) to (f) above in so far as the Commission considers it practicable, appropriate and reasonable to do so and considers procedures adopted for that purpose can be carried out without unduly delaying the completion of the investigation and with a substantial expectation of being able to obtain the evidence necessary for the investigation.
(a) set out the scope and findings of the investigations in fulfillment of the purposes set out in 2. above;
(b) Respect obligations of confidentiality and commercial sensitivity where those are not incompatible with the public interest; and
(c) set out such recommendations as the Commission sees fit.
The National Asset Management Agency (NAMA) Commission is an independent statutory body established by order of the government on 13 June 2017. This followed section 3 of the Commissions of Investigation Act 2004.