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Mystery of Nama's Manx millions

Why did money end up in Island?

A furtive Island bank account plays a key role in an ongoing Irish financial scandal.

It concerns 'bad bank' the National Asset Management Agency (NAMA), which was set up to rid Irish banks of property debt in the wake of the country's 2009 financial crisis.

The case has prompted investigation by the UK's National Crime Agency, and was labelled 'a scam... from start to finish' in the Dáil Éireann last week.

The Manx connection stems from a transaction known as 'Project Eagle', which saw a catalogue of Northern Irish property loans sold to US hedge fund Cerberus in 2014 for 1.5 billion Euros - despite them being worth more than twice that amount.

It's said to have cost the Irish taxpayer £190 million.

£7.5 million from the sale was later discovered in an offshore account here on the Island.

All linked parties have denied any wrongdoing - an inquiry by the Republic's Public Accounts Committee continues.

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