Ulster Unionist Finance Spokesperson, Philip Smith MLA, has welcomed the overdue decision of the Stormont Finance Committee to launch a formal investigation into the sale of the NI NAMA loans portfolio.

Mr Smith said:

“Yesterday’s pantomime of an arrogant and tetchy performance by Máirtín Ó Muilleoir, was an obvious strategy by him to blunt the ability of the Committee to hold him to account. The Finance Minister had clearly decided that he needed to adopt a position of attack as the best line of defence.

“Despite the initial sideshow, the actual substance of the meeting was importantly to agree to conduct a further inquiry into issues associated with the NI NAMA property portfolio now that the matter is no longer sub-judice.  

“The Committee’s focus will now specifically be on political aspects of the whole NAMA scandal in Northern Ireland. Whilst the previous Finance Committee did produce an interim report, there has been no formal Departmental response to the recommendations. Also, despite the many high profile witnesses, the further revelations including those made in the BBC Spotlight programme and the publication of major reports in the Republic, underline the necessity to re-examine this whole sorry saga.

“Despite concerns by some in the Committee about proceeding with an inquiry I have consistently said it is necessary to take action on what is still a totemic issue for the credibility of Northern Ireland’s political institutions. The public want answers and I don’t believe hiding behind other investigations is acceptable or tolerable.

“I am therefore pleased that the Committee has now recognised the need to build public confidence by looking at the political aspects of this whole sordid affair.”