Republic to investigate Northern Ireland NAMA sale

The Irish government is to order an inquiry into the controversial £1.2 billion sale of Northern Ireland property assets by bad bank Nama.

The Project Eagle deal with US investment fund Cerberus in 2014 has been dogged by scandal for more than a year, including £7 million linked to it being found in an Isle of Man bank account.

The Irish government confirmed the Public Accounts Committee would first examine a Comptroller and Auditor General report into the affair before a formal inquiry is launched.

"The Government's objective is to ensure that all matters of public concern are addressed in a speedy and effective manner," a spokesman said.

Project Eagle involved loans linked to more than 800 properties in Northern Ireland being sold in one lot to the New York investment firm which boasts former US vice president Dan Quayle in its ranks.

Taoiseach Enda Kenny offered to meet opposition leaders on Thursday to identify areas of public concern around the deal that need to be investigated and how that should be carried out.

There have been calls for a cross-border inquiry due to the limitations of parliaments in Dublin and Belfast and their inability to compel witnesses from other jurisdictions.

Project Eagle has been examined on previous occasions at the Public Accounts Committee in Dublin.

Investigations have also been launched into the deal by the UK's National Crime Agency, the US Department of Justice's Securities and Exchange Commission as well as a parliamentary inquiry in Stormont.