  A three-body calculation of the reaction $\gamma d\to\eta np$ in the energy
region from threshold up to 30 MeV above has been performed. The primary goal
of this study is to assess the importance of the three-body aspects in the
hadronic sector of this reaction. Results are presented for the $\eta$-meson
spectrum as well as for the total cross section. The three-body results differ
significantly from those predicted by a simple rescattering model in which only
first-order $\eta N$- and $NN$-interactions in the final state are considered.
The major features of the experimental data are well reproduced although right
at threshold the rather large total cross section could not be explained.
