Minister for Finance Michael Noonan is set to spurn a request from Stormont to compel the National Asset Management Agency (Nama) to attend a committee hearing into corruption allegations surrounding the purchase of the agency’s Northern Ireland portfolio.

Nama has been sharply criticised for snubbing an inquiry into the affair by the finance committee of the Northern Ireland Assembly.

Committee chairman Daithí McKay has cast Nama refusal to attend as an “insult to the committee”.

He has suggested the committee may seek to compel Nama to attend a hearing if it does not come forward voluntarily to the committee.

Wallace claims

The hearings centre on claims by Independent TD Mick Wallace that a Northern politician or party was to gain up to £7 million (about €10 million) from Nama’s £1.3 billion (about €1.4 billion) sale of its 850-property portfolio in the North to US investment firm Cerberus.

Mr McKay has instructed officials to write to Mr Noonan asking him to “strongly advise Nama to attend”.

It is understood the Minister will say he has no power under the legislation underpinning Nama to instruct or advise Frank Daly, the agency’s chairman, to go before the Stormont committee or any parliamentary committee in any jurisdiction outside the State.

Mr Noonan may indicate, however, that this stricture does not preclude Nama from providing written answers to written questions submitted by the Assembly committee.

At the same time, the Government has anxieties that any appearance by Nama before the committee would set precedents on two fronts.

Concerns

The first is concern such an appearance could open the door for other State bodies or organisations to called to Stormont to go before its committees.

The Government wants to avoid that prospect.

Second, the Government is concerned that an appearance in Stormont by Nama could lead to pressure on it to attend parliamentary committees in any other country in which it has had business dealings.

Again, the Government is reluctant to go down that road.

Mr Daly has previously said Nama is accountable to the Dáil Committee of Public Accounts.

He has also indicated any information provided to the Dáil committee would be provided to the Stormont committee via Oireachtas transcripts.

Mr McKay has insisted this was unacceptable in light of Nama’s role in the North in relation to the sale of Cerberus and in light of “huge interest” in the issue North and South.

He has argued Nama has a responsibility to send officials to Stormont to answer questions about the management of the sale.