Public Accounts Committee Chairman Seán Fleming has accused the Minister for Finance of threatening to injunct the committee over its critical report of NAMA's sale of its Northern Ireland loan portfolio, Project Eagle.
During a heated Dáil debate on the report, Michael Noonan said he was disappointed that PAC had "conjured up other unjustified and unfounded criticisms of me and my officials; that these criticisms were leaked to the press".
The minister also criticised Mr Fleming for saying during an RTÉ Radio interview that he had "chosen not to be open and upfront" over a meeting he had with Cerberus - the successful bidder for Project Eagle.
"I and my department refute absolutely the claims in the report that I and my officials acted inappropriately in meeting with Cerberus in March 2014," Mr Noonan told the Dáil.
However, Mr Fleming responded that the PAC had been more than fair to Mr Noonan who he said had chosen not to give the information about the Cerberus meeting during a five-hour session with the committee.
He also said that Minister Noonan had threatened to injunct the committee during a conversation he had with him in Leinster House.
"Shame on the Minister for Finance to threaten the Public Accounts Committee … I would go so far as question your fitness for office when you threaten the chair of the Public Accounts to injunct him for doing his job," Mr Fleming said.
Fianna Fáil's finance spokesman Michael McGrath said the meeting was inappropriate, but no one was impugning his integrity and he described Mr Noonan's speech as "disgraceful".
Sinn Féin finance spokesman Pearse Doherty said it was appalling that Mr Noonan had threatened to injunct the PAC.
Independents4Change TD Mick Wallace said he is shocked at what the minister had said this evening in the Dáil.
He expressed his thanks to the PAC chairman and the committee.
He accused Mr Noonan of wanting to have this issue all about himself and "taking the focus away from NAMA".
He said that Project Eagle is the norm in NAMA and "the total workings of NAMA will prove to be the biggest financial scandal in the history of the State" but we have chose to bury it and hope that it goes away.
He finished with another attack on Minister Noonan asking: "Is he fit to do his job? No he is not!"
Rural Independent TD Mattie McGrath also joined in with an attack on Mr Noonan.
He complimented Mr Fleming and his committee. He said: "They are the last bastion in this House to deal with scandals."
Social Democrats TD Catherine Murphy asked if Minister for Finance Michael Noonan has confidence in the Comptroller and Auditor General.
"He certainly is contesting the Public Accounts Committee report but that actually finds that the C&AG's report was balanced and fair," she said.
"So the minister needs to clarify that and clarify that quickly otherwise the entire role of the Public Accounts Committee and the C&AG who are embedded in NAMA is a called into question."
Independents4Change TD Catherine Connolly said Mr Noonan was not fit to be a minister after the speech he presented this evening.
She said Mr Noonan had misread the conclusions in relation to himself and his officials.
She said the language used in relation to his meeting being "procedurally inappropriate" was mild. She also described the report as moderate and reasonable.
Ms Connolly said it was appalling, unacceptable and shocking that the minister would come in and accuse the members of the PAC of "conjuring up" material.
Fine Gael TD Peter Burke said that he concurred with the vast majority of the PAC report into Project Eagle.
He also said it is clear that there was pressure on NAMA to dispose of its loan book as Ireland was unable to borrow on the open markets.
His party colleague Josepha Madigan said: "My biggest issue, which I cannot endorse, is in relation to Minister Noonan and the political manoeuvres in relation to the committee in relation to his position on this.
"Not once was the appropriateness of the minister meeting with Cerebus, the eventual successful bidder raised at any stage by the committee and the minister spent many hours before the Public Accounts Committee giving evidence.
"Not once was the minister given the opportunity to deal with the assertion that the meeting was procedurally inappropriate.
"We have to be very clear in this house that there is a legal separation between the Minister and NAMA and NAMA's commercial decisions are taken independently of the Minister for Finance. That seems to be forgotten by some members of the Public Accounts Committee."
She said that she would not be able to stand over a report that endorses criticism of Mr Noonan and makes allegations of wrongdoing against him.
Sinn Fein TD David Cullinane called on Mr Noonan to resign. He said: "He really should hang his head in shame. That he used the opportunity he had not talk about the deficiencies in the loan sale, not to talk much about the report itself but to attack the chair of the Public Accounts Committee and by extension all of us who are on the Public Accounts Committee."
He said he has full confidence in PAC chair Sean Fleming but "I have no confidence whatsoever in the Minister for Finance given the absolutely disgraceful contribution he made in this chamber here today."
He concluded: "I believe the Minister for Finance should resign because of his disgraceful performance here today. I believe we need a Commission of Investigation. It needs to be established quickly."