The PSNI are to launch a criminal investigation into the circumstances surrounding the sale of NAMA property to investment company Cerberus.

Assistant Chief Constable Will Kerr said: "We believe that there is sufficient concern in relation to potential criminal activity, surrounding this property deal, to instigate an investigation."

The police are also engaging with a number of other national and international law enforcement partners to consider how best to take forward the investigation.

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Fianna Fáil Leader Micheál Martin has welcomed news.

Deputy Martin commented: "When I was pushing Minister Richard Bruton on the need for a Commission of Inquiry in the Dáil this week, I pointed out that if these allegations were correct and that if this £1.5 billion deal was done on the basis of a compromised process, it was Irish citizens who were the losers.

"The Government does not seem to grasp this point and has fallen back on the same formula of defensive denials. Now that we learn the PSNI judges the allegations worthy of a criminal investigation, my hope would be that the Government will understand that the concerns of Irish citizens are real, will revisit its decision and will move to establish a proper and robust inquiry with the power of compellability."

(CD)