A new report on the activity of NAMA says the agency could have raised an extra €18 billion for the tax payer.

The research was found that 11 major sales to investment funds were then 'flipped' by the buyers with an average profit of 47%.

The study was conducted by Economist Jim Power and Lisney Estate Agency and commissioned by the property developer David Daly.

Deputy Editor of the Sunday Business Post Tom Lyons says the report makes some damning findings: