Finance Minister Michael Noonan has said that no criminal investigation into the sale of Nama’s Northern loan book by Gardaí is underway.

Minister Noonan has rejected a call in the Dáil for a Commission of Investigation into the sale of ‘Project Eagle, despite the fact that the UK’s National Crime Agency is conducting a criminal investigation.

Fianna Fáil, which has previously called for a commission of investigation, will not support the move from Independent TD Mick Wallace saying at this stage it would “run into the sand”.

Minister Noonan challenged Deputy Wallace and Deputy Clare Daly to make their claims without the cover of Dáil privilege.

“Make them outside the House if you’re so sure of your ground,” he said.

“And Deputy Clare Daly has a peculiar attitude to inquiries under commissions of tribunal – she sees them as trawling instruments that may come up with something and then proceedings would follow.

“Now I remember reading Alice in Wonderland and I don’t know whether it was the Mad Hatter or the dormouse who said: ‘Verdict first, trial afterwards’.

“But that’s the kind of due process that’s being advocated here.”