Media playback is unsupported on your device Media caption The allegations were made in the Irish parliament on Thursday by independent member Mick Wallace

The assembly's finance committee is to meet amid calls for an inquiry into claims a £7m payoff had been set aside for a Northern Ireland politician.

The allegation, over a major property deal, was made in the Irish parliament by independent member Mick Wallace.

He said it was linked to the sale of NI property loans held by the National Asset Management Agency (Nama).

He claimed £7m was in a law firm's account and earmarked for the politician.

The Nama portfolio was purchased by New York firm Cerberus Capital Management for £1.3bn.

The chair of the assembly's finance committee, Sinn Féin's Daithí McKay, said he will convene an emergency sitting to examine the allegations.

"As part of this examination I would expect Cerberus to appear before the committee," he said.

"I would intend to call on Nama officials and Mick Wallace to appear before the committee and the law firm involved to elaborate on their recent statement on the matter.

"I will be calling the committee together at the earliest opportunity to consider these very serious allegations in the interests of transparency and accountability."

'Matter of urgency'

Deputy First Minister Martin McGuinness said an "intensive investigation" should begin as soon as possible.

"This is a very serious statement by Mick Wallace, it needs to be very thoroughly investigated," the Sinn Féin MLA told BBC Radio Foyle.

He said Mr Wallace should speak to An Garda Síochána (Irish police) and the Police Service of Northern Ireland (PSNI) "as a matter of urgency so we can get to the bottom of the story".

"It may be baseless, it may not be. It absolutely needs to be investigated and I'm very keen for this to happen," Mr McGuinness added.

'Isle of Man account'

The PSNI said nothing has been reported to it regarding the claims, and "as such there is no investigation".

Traditional Unionist Voice leader Jim Allister said he will table a priority written question to the first and deputy first ministers on Friday.

He said it is "imperative that this matter is thoroughly investigated by all relevant authorities, including the PSNI".

Ulster Unionist leader Mike Nesbitt said it would be useful if every Northern Ireland party leader came forward to say they were not the intended recipient of the money.

He added: "What we do need to hear is Mick Wallace putting some facts together beyond that allegation; we need an investigation by An Garda Síochána, the PSNI, perhaps by the Financial Services Authority in the UK and the Irish Financial Service Regulatory Authority."

The SDLP's Alban Maginness said the matter had to be cleared up quickly.

"The statement that was made in Dail Eireann yesterday is a serious statement, it has to be taken seriously and we in Northern Ireland have got to act and act appropriately, quickly, efficiently and effectively," he said.

Analysis: BBC NI business correspondent Julian O'Neill

Legal and property circles in Belfast and Dublin have been buzzing with speculation and gossip on the NAMA property sale story for months.

Journalists who made enquires, including to the Law Society of Northern Ireland and PSNI, largely got nowhere in terms of establishing on-the-record facts.

But yesterday, after Mick Wallace's Dáil allegations, or speculation if you prefer, Tughans issued a very revealing and startling statement.

"They threw their former partner under a bus," was how it was put to me, with Tughans saying he had diverted fees "to an account of which he was the sole beneficiary, without the knowledge of the partners".

The $64,000 question - or maybe the £7m one - is why?

Mr Wallace named Belfast solicitors Tughans as having acted for Cerberus and said "a routine audit showed that £7m ended up in an Isle of Man bank account".

According to the official transcript of parliamentary proceedings, he added: "It was reportedly earmarked for a Northern Ireland politician."

'Outlandish claims'

Tughans has denied Mr Wallace's allegation, while Cerberus said "no improper or illegal fees were paid by us, or on our behalf".

The Democratic Unionist Party MP Sammy Wilson cautioned that Mr Wallace is "known for outlandish claims", but added that the allegation should be "properly investigated".

Image caption The man who left Tughans was Ian Coulter, the firm's then managing partner

Northern Ireland Justice Minister David Ford said: "Mick Wallace should be making a formal statement to the Garda, not just making an allegation under parliamentary privilege."

Although Tughans denied Mr Wallace's specific allegation, it did disclose details of a dispute at the highest level of the firm.

'Left the practice'

In its statement, the law firm said: "We can confirm that a former partner diverted to an account, of which he was the sole beneficiary, professional fees due to the firm, without the knowledge of the partners.

"We have since retrieved the money and he has left the practice.

"Tughans reported the circumstances of the departure of the former partner to the Law Society."

The man who left Tughans was Ian Coulter, the firm's then managing partner.

In a further statement on Friday, Tughans said Mr Coulter was involved in the Nama transaction.

"Following internal investigation Tughans voluntarily brought the circumstances leading to Ian Coulter's departure to the attention of the Law Society of Northern Ireland [LSNI]," it said.

"Tughans has cooperated fully with LSNI's inquiry. That inquiry is ongoing. The firm awaits the outcome of the inquiry before deciding which other agencies should be notified."

The BBC has attempted to contact Mr Coulter for comment.

A spokesperson for the Law Society of Northern Ireland said it "does not comment on whether or not there is any investigation ongoing in relation to any particular matter or firm".