Minister for Finance Michael Noonan has indicated that a commission of investigation will be established into the sale of NAMA's Northern Ireland portfolio, Project Eagle.

Given that the Department of Finance is "an interested party", the Department of the Taoiseach will be the "parent department" for the commission of investigation.

Mr Noonan made the comments in response to a question from Sinn Féin finance spokesperson Pearse Doherty during Ministers' Questions.

Mr Doherty asked that after the publication of the PAC report into Project Eagle, if it is now the minister's view that he supports establishing a commission of investigation into Project Eagle.

Mr Noonan said that following publication of the Comptroller and Auditor General's report last September there has been agreement in principle to commence a commission of investigation between Taoiseach Enda Kenny and the other party leaders since last October and that remains the Government position.

He added that the Public Accounts Committee's detailed report has been published since then and before the Government decides on a commission of investigation, he expects each party through their respective leader to contribute to the drafting of agreed terms of reference for the commission.

Mr Doherty said that there should be a modular approach to the commission and other areas as well as Project Eagle should be taken into account.

Mr Noonan said that before the Government makes a decision on how to proceed it would be important to receive terms of reference from other party leaders and finance spokespersons.

Mr Doherty asked when the commission of investigation would be established. 

Mr Noonan said that the Department of Finance would step back from the process as it is an interested party and therefore, any future questions should be directed to the Department of the Taoiseach.