Two men who were arrested by officers from Britain's National Crime Agency investigating the controversial sale of NAMA's Northern Ireland loan portfolio have been released from custody.

A spokesman for the NCA said both suspects had been freed on bail pending further inquiries.

The men were arrested in Co Down yesterday on suspicion of fraud offences.

They were detained in connection with the NCA investigation into the sale by NAMA of its entire Northern Ireland property portfolio known as Project Eagle.

The assets were bought by the US investment company Cerebrus for more than £1 billion.

The deal has been dogged by controversy after it emerged that a Belfast-based solicitor acting for Cerberus had control of an off shore bank account in the Isle of Man containing millions of pounds.