PAC to begin its hearings on Project Eagle sale tomorrow

The committee will hear from NAMA and the Comptroller & Auditor General

PAC to begin its hearings on Project Eagle sale tomorrow

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The Dáil's Public Accounts Committee (PAC) will begin its hearings on NAMA's sale of its Northern Ireland loanbook - Project Eagle - tomorrow.

It follows the release of the Comptroller & Auditor General's (C&AG) report on the controversial sale.

The report into the €1.6bn sale of the loan portfolio suggested the loss to the Irish taxpayer was about stg£190m (€222.6m).

The C&AG will be the first witness tomorrow.

The committee will also meet with NAMA Chairman Frank Daly and its Chief Executive Brendan McDonagh.

PAC Chairman Seán Fleming said: "The sale of NAMA’s Northern loanbook or Project Eagle has been a source of considerable controversy and the findings of the C&AG report, particularly that there were shortcomings in the sales process that indicate a loss for the taxpayer. Therefore, it is important that the Public Accounts Committee examines the report in greater detail.

"Tomorrow will be the first in a series of meetings that the Committee is scheduling on the report. It will be an opportunity for Members to discuss the full implications of the C&AG report and put the relevant questions both to the C&AG and to the NAMA representatives," he explained.

Michael Noonan has previously confirmed he will appear before the PAC to discuss the sale of Project Eagle. 

Opposition TDs and the Taoiseach have agreed in principle to a statutory inquiry into the sale.