A Fianna Fáil Senator has asked for the Attorney General to come before the House to discuss what he called 'widespread corruption' involving NAMA.

Speaking in the Seanad today, Mark Daly said that the agency appears to be breaking the laws, set down for it, by not selling its assets in a way it is obliged to.

He said under the rules all loans or properties NAMA acquires must be sold by way of auction or tender, 'this is not happening,' he claimed.

The senator also said people who originally borrowed money from banks are now buying back their own assets under the current market value.

He said the practice is costing the taxpayer hundreds of millions of euro.

He said he was informed by those involved in the industry that there was 'widespread corruption to put it mildly' in what is happening.

A spokesperson for NAMA has said this afternoon that it was very surprised at the comments made by Senator Daly.

The NAMA spokesperson said the Senator made similar comments some months ago after which both the Chairman and Chief Executive of NAMA met with Senator Daly.

They subsequently wrote to Mr Daly asking him to provide any information he had to support his comments.

They said that the senator has not yet done so.

The spokesperson added that Senator Daly seems to have a misunderstanding of the operation of NAMA as the agency does not own any properties and therefore has not sold any properties.