Sack Noonan says Healy

Deputy Seamus Healy has called on Taoiseach Enda Kenny T.D. to sack Minister for Finance Michael Noonan.

Minister Noonan directed Nama to accelerate sales of assets in a weak market, costing the state and the Irish people billions, Project Eagle was but one example.

Furthermore he refused to stop the sale of Project Eagle when he and Nama became aware of revelations that a former Nama advisor stood to be paid 5million sterling from a prospective purchaser.

The Minister had already given away billions in Bank of Ireland shares to vulture capitalists.

US vulture capitalist, Wilbur Ross, celebrated huge windfall gains in Bank of Ireland shares on Bloomberg T.V.


The Taoiseach must now dismiss the Minister and the Independent Alliance must insist on this.

The Minister must also appear before the Public Accounts Committee.


Frank Daly, NAMA, CEO, has stated that the agency was instructed by Noonan to accelerate asset sales.


The sales of assets in Northern Ireland under Project Eagle took place in that context. Already Finance Minister Michael Noonan has been criticized by a Stormont parliamentary inquiry for failing to halt the controversial €1.32bn sale of Nama’s Northern Ireland loan portfolio.

All asset sales by NAMA must now be suspended.

The Government and Fianna Fáil are also attempting to confine the statutory inquiry to the activities of NAMA in Northern Ireland. This is despite the fact that a former NAMA official, who is now out on bail in NI, who was named in the BBC ‘Spotlight’ probe, was the former head of Nama’s

Asset Management in Dublin Headquarters.  The BBC now says there are further revelations to come-“this is the tip of the Ice-berg”- BBC


NAMA paid banks 31.8 billion for assets of book value 77 billion in 2009.  If NAMA had retained the assets until now, the assets would have appreciated by at least 20 billion. Instead the government is now boasting that NAMA will make just 2 billion in “profit” . This takes no account of the 64 billion given to the banks to rescue them.


I call on FG and all deputies supporting the Government, including the Independent Alliance, to insist on the sacking of Noonan as Minister and that he be instructed to appear before the Public Accounts Committee to explain the loss of billions to the Irish people during his term of office


Seamus Healy TD


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