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Nama deal: Stormont Finance Committee discusses allegations Nama deal: Stormont Finance Committee inquiry aims to restore public confidence
(35 minutes later)
Allegations that a politician stood to benefit from the sale of Nama's Northern Ireland property loan holdings are being discussed by Stormont MLAs. A Stormont inquiry into the sale of Nama's Northern Ireland property loan portfolio will ask the questions the public are asking, the chair has said.
The Northern Ireland Assembly's Finance Committee is examining the claims, made in the Dáil (Irish Parliament) by independent member Mick Wallace. Daithí McKay said public confidence must be restored after claims that a politician stood to gain from the deal.
He claimed £7m in an Isle of Man bank account had been "reportedly earmarked" for a Northern Ireland politician. The Sinn Féin MLA chairs the Northern Ireland Assembly's Finance Committee.
The committee is examining claims, made in the Dáil (Irish Parliament) that £7m had been "reportedly earmarked" for a Northern Ireland politician.
The claims, focused on an Isle of Man bank account, were made last week by independent Dáil member Mick Wallace.
Firms involved in the transaction have denied any wrongdoing.Firms involved in the transaction have denied any wrongdoing.
The chair of the finance committee, Sinn Féin's Daithí McKay, announced on Friday that he would convene an emergency sitting to examine Mr Wallace's allegations. Mr McKay said he wanted to invite government officials, lawyers and other professionals who were involved in the process to give evidence to the committee.
He listed Northern Ireland's Department of Finance and Personnel, the Belfast law firm Tughans and its former managing partner Ian Coulter, as well as former Nama Northern Ireland advisors Frank Cushnahan, and Brian Rowntree.
Mr Coulter, who has since left Tughans, reportedly controlled the Isle of Man bank account.
The sale, completed in April 2014, was the biggest ever property deal in Northern Ireland.The sale, completed in April 2014, was the biggest ever property deal in Northern Ireland.
The Republic of Ireland's state-controlled National Asset Management Agency (Nama) sold its entire 850-property loan portfolio in Northern Ireland to the New York investment firm Cerberus for more than £1bn.The Republic of Ireland's state-controlled National Asset Management Agency (Nama) sold its entire 850-property loan portfolio in Northern Ireland to the New York investment firm Cerberus for more than £1bn.
No witnesses are expected to appear before the Finance Committee, and only assembly members will attend.
The meeting began at 10:00 BST on Tuesday and after a short closed session, public proceedings recommenced at about 10.35 BST.