The chair of the Public Accounts Committee has proposed a collaboration with the Stormont inquiry into the controversial €1.6bn sale of NAMA's Northern Ireland Project Eagle property portfolio.

Fianna Fáil's Seán Fleming is to ask PAC to consider a possible agreement with the Stormont Committee on Finance that would see both basically acting as proxies for each other.

Speaking to RTÉ's Prime Time, Mr Fleming said the plan would see witnesses before the PAC asked questions posed by members of the Stormont committee, while witnesses in Stormont would be asked to respond to questions submitted by the PAC.

Neither committee can compel witnesses from across the border to appear before it.

Mr Fleming is to put the proposal to members of the committee when it meets next week. 

The Cabinet will tomorrow discuss a Comptroller and Auditor General audit on the sale, which is understood to have found that NAMA potentially lost out on hundreds of millions of euro because of how the sale process was handled. 

Senior representatives of NAMA will appear before the committee on Thursday week to respond to the C&AG audit, Mr Fleming added.

NAMA has previously declined to appear before the Stormont probe, stating it is only answerable to the Oireachtas.

Earlier Taoiseach Enda Kenny said he is not ruling out an inquiry into the sale of the loan book but added that if one has to be held, it has to be very focused.

Speaking on RTÉ's Morning Ireland, Mr Kenny said a "Commission of Investigation or a Tribunal of Inquiry will commit the taxpayer to many millions of euro" but that "if an investigation is warranted, then so be it".

However, he said he thinks there is a need for a "logical process here to see what are the elements that need to be investigated" if that is the case.

He said he would like to think that the Public Accounts Committee "would have the opportunity to discuss in some detail the C&AG's report on Project Eagle with NAMA when they come in before them on 22nd September".

The Taoiseach said he had not read the report but he understands it is extensive.

He added: "In the meantime, I will meet with the leaders of the opposition to discuss what if anything needs to be done, or can be done, and I temper that with being careful in respect of the two jurisdictions that are involved here, the criminal investigations that are going on, the allegations by members of NAMA and the formal complaint lodged".

Meanwhile, Ulster Unionist Party leader Mike Nesbitt has said he is not convinced the Government should launch a commission of inquiry into Project Eagle.

Speaking on the same programme, Mr Nesbitt said he was not sure that another investigation into the matter was needed.

It was, he said, already a "rather crowded playing field".

Mr Nesbitt added that the UUP believed the UK’s National Crime Agency has the capacity and resources to look into the matter.