NAMA is to be invited to appear before the Public Accounts Committee to discuss claims raised by Independent TD Mick Wallace regarding the sale of a property portfolio in Northern Ireland.
Last year a US Investment company, Cerberus Capital Management, bought a NAMA portfolio of Northern Ireland-based debtors.
It had a book value of £4.5bn. The purchase price was not disclosed but NAMA said at the time it was the biggest single transaction in the agency's history.
During Leaders' Questions in the Dáil on 2 July, Mr Wallace made a number of serious allegations about the deal, which he said was called Project Eagle.
Mr Wallace claimed a routine audit showed £7m in funding ended up in an Isle of Man account.
He said the money was "reportedly earmarked for a Northern Ireland politician".
"We will be writing to NAMA tomorrow with the view to asking them to come before us to explain what this is all about and to allay public fear in terms of what Mick Wallace has put into the public domain," PAC Chairman John McGuinness told RTÉ News.
"The Office Of The Comptroller & Auditor General and the PAC are responsible for the audit of NAMA, processes and procedures and so on," Mr McGuinness said.
"Yes, it's a concern and yes, we will be in contact with them in the morning" he added.
NAMA claims by Wallace 'worthy of investigation'
Speaking on RTÉ's The Week in Politics today Minister for Public Expenditure and Reform Brendan Howlin said Mr Wallace’s claims are worthy of investigation.
He said he hoped Mr Wallace would give the full facts to gardaí and that Mr Wallace may also have to speak to the Police Service of Northern Ireland about the matter.
Mr Howlin said NAMA had been involved in some of the largest transactions in the State's history and nobody expected that it would get original values for the real estate it sold on, but he believed it had done its job in a clear way.
However, he said investigations would make sure that is the truth and the Public Accounts Committee has the powers and would do this investigative work.
A spokesperson for NAMA has said it received a third-party approach from a potential buyer to sell the loan portfolio on an exclusive basis.
In a statement today NAMA said it had rejected this approach, appointed a loan sale broker, and openly marketed the asset.
NAMA said in its statement that it told one of the bidders it would have to withdraw because of a fee arrangement to parties that included a former member of its Northern Ireland Advisory Committee.
He was not a member at the time of the sale and never had access to confidential information but the board determined that this arrangement could undermine the integrity of sale, the NAMA spokesperson said .
The NIAC had no role in the sale process and the loan sale broker went on to engage with all other interested parties and Cerberus paid the highest price, NAMA has said.
NAMA paid no fee to nor had any engagement with Tughan's law firm on this sale, the statement said. NAMA's legal advisor was Hogan Lovells.
Cerberus Capital Management gave NAMA written confirmation and have confirmed again that no fees were paid to any party that ever had a relationship with NAMA.
Tughan's issue is internal to it and has no relevance to NAMA's open competitive sales process.
Attempts to conflate NAMA's process with an internal Tughan's issue are entirely wrong, the NAMA spokesperson said.
In a response to an inquiry from the BBC, one of Northern Ireland's largest commercial firms, Tughans, issued a statement last week.
It said the practice is not linked to any political party nor has it ever made party political donations.
It also stated: "We can confirm that a former partner diverted to an account of which he was the sole beneficiary professional fees due to the firm, without the knowledge of the partners.
"We have since retrieved the money and he has left the practice. Tughans reported the circumstances of the departure of the former partner to the Law Society."
No evidence of impropriety has been produced.
Fianna Fáil TD Michael McGrath said some of the information about the sale by NAMA of a loan book in Northern Ireland was of grave concern.
Deputy McGrath said NAMA needed to get to the bottom of this and take full responsibility for disclosing to the public exactly what happened in this case.
He said people needed to be reassured that where billions of euro of taxpayers money are being dealt with that proper governance procedures are in place, that decision making is fully above board and transparent, and that there is no suggestion of any side deals being entered into by any of the parties.
